Partnership Agreements

[frehnejc]

Hi Guys/Girls,
I am looking at drawing up a partnership agreement with a friend of mine as we want to get into property development as a team as we both have good skills in different areas, and you know what they say two heads are better than one.
Has anyone done this before and does anyone know of a good soliciter that can draw one of these up, or do we need to wait until we start a particular deal?
Also who else should we involve when drafting the partnership agreement?

thanyou all

 

[alexlee]

There is also a bigger chance of butting heads when there are two heads.

Sorry, I'm just generally against investing with friends. Are you guys clear about each other's financial positions and goals? Have you thought about when you will do if something happens that is outside of your control?
Alex

 

[Raddles]

HI there
most solicitors could prepare a partnership agreement for you - there is also legislation in each state which implies certain aspects into your relationship - I do think when you prepare any agreement - you must think of your exit strategy - i.e. who keeps the property or does it have to be sold - is there a buy out arrangement possible. If you don't get a recommendation - ask the Law Society in your state for the solicitor who is accredited in commercial law - close to you - and then go from there. You may also wish to review who will be the Accountant for the partnership.