Posted by Becky on January 03, 2003 at 13:33:38:
I am new at real estate investing and live in Ohio. What do you mean by “filing a homestead”?
Thanks!
creating a Partnership - Posted by JES
Posted by JES on December 31, 2002 at 11:15:16:
I’m just starting out I have 1 duplex curerently. My brother has now become interested in Real estate investing.
My question is what are the lagal issues we should concern ourselves with. Also how do finance companies look at partnerships? would it be based on joint incomes? Should we form a company first before starting? I would plan to keep my duplex I currently have seperate from this partnership
Re: creating a Partnership - Posted by James Greelish
Posted by James Greelish on January 02, 2003 at 11:58:58:
I believe most people recommend a Limited Liabilty Corporation or LLC, if your state allows it. Try and find the small business website for your state, and they should have an outline for the requirements of each type of corporation. In Mass, an LLC is $500 a year I believe…That way if you do run into problems, it doesn’t come back to haunt you.
Also, I recommend filing a Homestead, then if you ever get sued, they can’t attach your house.
Re: creating a Partnership - Posted by - Jimbo -
Posted by - Jimbo - on December 31, 2002 at 23:12:43:
JES,
Good luck on your new business. Always get everything in writting; even things you don’t think will ever come up, account for them anyway. Set up a corporation or two or ten.
Happy New Year,
- Jimbo -