Legal Question in Business Law in Pennsylvania

forming a partnership to buy real estate

Hi, Can you please advise me on how to form partnership to buy real estate as an investment? We would like to do it without paying $1500-2000. in attorney's fees. Thank you.

Asked on 12/29/00, 1:24 pm

1 Answer from Attorneys

Murray Eckell Eckell,Sparks,Levy, Auerbach,Monte,Rainer,&Sloane

Re: forming a partnership to buy real estate

I'm sorry to tell you but it cannot be done. You must have a partnership agreement to protect your interests. Additionally, you need advise regarding whether or not a partnership is the correct vehicle to use. An LLP or sub S corp or a plain corp may better serve your tax situation. You need couselling on all these issues, to be followed with an agreement after the choice of ownership is made. Anything worth doing, is worth doing correctly.

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Answered on 1/04/01, 9:43 am

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