Posted by Ed Copp (OH) on August 08, 2003 at 13:31:44:
Since she is the general partner, you have no vote. That is if you have formed a limited partnership. Most likely you can have the deed made to the partnership, ask the title company or agency that is handling the paperwork. Your checking account won’t get it, since your wife may not let you write checks, so a new account will most likely be needed. Remember when thinking about paying yourself back, you have no vote. Your wife may pay you back or she may not. I see very little recourse if she says no.
If you two have a general partnership, then there is no general partner and you will both share all the liability for the partnership.
If you close and then “just” transfer the deed to the partnership you will have to pay another set of expenses, such as conveyance fee, deed prep, and recording fees.
Posted by Dan Fletcher on August 07, 2003 at 08:42:02:
Hello,
I have purchased a duplex with my wife. Actually we don’t close until the 15th of September. I have set up a partnership with me and my wife as general partners. We have a tax id. I put the offer to buy the duplex in my name. I would like to have the property in the business name. Do I just go ahead and close, then go to the courthouse and transfer it? Also I have a business checking account. I would like to transfer funds from my personal account to the business account for the down payment and earnest money deposit. I would then like to pay myself back for the loan to the business. Other than documenting all the transactions in a very detailed way, what else should I do?