Buying with Partners - Posted by Kim

import · April 21, 2018, 4:37pm

Posted by John J. on March 08, 2001 at 21:12:03:

An LLC is better than a partnership from a legal perspective, but works the same from a tax perspective. It is probably simpler to do than to set up a corporation. I have partnerships and LLCs for all the properties that I own with others.
More importantly, get a written agreement with your partners, covering all the aspects of your arrangement. I can send you - or anyone else who emails me - a copy of one of my partnership agreements.

import · April 22, 2018, 4:25am

Posted by Kim on March 08, 2001 at 07:44:29:

What legal structure (I am in New York) should I use to buy a rental property with two other partners: partnership, LLC, corporation or something else?

Thanks,

Kim

import · April 22, 2018, 4:25am

I’d put it into a land Trust - Posted by Billm

Posted by Billm on March 09, 2001 at 21:40:00:

Once you learn the benefits of using a “PacTrust” land trust, you’ll never go back to relying only on partnerships, LLC’s, etc.

Bill in OR.