Legal Question in Real Estate Law in Illinois
Joint Venture for Real Estate Purchases
In the process of purchasing numerous investment properties for rentals. My partner and I are trying to determine if forming a Corp. or LLC is really necessary? Will a joint venture work for us, we understand that we will not have the asset protection of a Corp. or LLC. We need to protect each other and establish up front what each of our responsibilities are. Basically one of us is the silent financial backer, the other has the experience and will be doing all of the daily work of the venture. Any help would be greatly appreciated!
2 Answers from Attorneys
Re: Joint Venture for Real Estate Purchases
I am a big fan of Lawguru and am a regular responder to questions posted. That being said, you are doing yourself a disservice if you intend to rely on Lawguru as a vehicle for the specific subject that you are submitting. You really need to consult with an attorney and an accountant to go over your business plan and determine what would be best for you.
Re: Joint Venture for Real Estate Purchases
A "joint venture" is not, so far as I know a recognized business organization. If you want to spell things out and protect each other, a corporation or LLC is probably the vehicle to use to organize the joint venture.
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