More friendships and good relationships have been ruined by just what you are suggesting than any thing I can think of.
What you REALLY need to do is sit down with ALL of the parties and a GOOD attorney (they are hard to find) and discuss OPENLY everything that you wish to accomplish. Have the attorney draft the agreement, let all read it and suggest changes that they want (That’s when the fun begins) then have another draft prepared and do the same thing.
FINALLY, you will either form a group or find out WHY you should not.
YES, there are lots of forms available over the internet that you can use. HOWEVER; I strongly suggest that you DO NOT and that you do as I have suggested.
Been there…done that…lots…some worked…SOME did not.
Hello I would like to get a bunch of people together who will all help build each others homes.
We all put in 2500 dollars and buy one lot and build a house and sell the house for a profit then take the profits and build two more homes that two of the partners can live in.
We then want to sell off mortgages that we will create on the two partnership familys homes and use it to build another home that is going to be sold off as well and so on and so on.
Is there a legal document that we can use to make this happen or do we have to create it ourselfs ?
Get lawyer help on this P’ship! - Posted by John Merchant
Posted by John Merchant on August 24, 2004 at 10:37:15:
At $2500 @, you’re going to be forming an entity with a number of people, and your trying to do this without benefit of a good business lawyer is sheer insanity.
While lawyers do benefit greatly from partnerships, it’s generally the ones “self” prepared & done that furnish the profession the most business.