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Corby Horlings posted a new Legal Issues thread on 2/23/2009

Real Estate Llc's

I'm forming buying groups of investors for property aquisition in grand rapids, mi and would like some advice on legalities of profit distribution and pro forma's as the managing member of these llc's. where would i begin?

thanks,

Corby
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Riaz Missaghi Responded on 8/3/2009


PartnerUp is a good place to begin, looks like there are plenty of folks on here with that sort of knowledge, maybe bring up the question in the questions section.
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Greg Monterrosa Responded on 11/9/2009


With the Limited Liability Company there are several options with how you distribute profit. The most important thing to remember is that this be spelled out in your operating agreement. If you don’t have an operating agreement you can get a free one at http://www.myllc.com/llc-for-dummies.aspx

You may also want to consult with a local CPA to ensure you are going about profit distribution the right way.
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