I'm looking to form an LLC with a business partner (he is the general contractor, I'm the dude with money). We are going to start flipping houses. What do I need to look out for? The houses will be registered under the LLC, and let's say we get to the point where there are 10 houses. Who actually owns those houses? I don't want to live in a house, and he goes rouge, and just takes it. I'm still researching all of these things, just wants to throw this out there.
Don't do this
>>1313803
this
go into the computer science field
>>1313803
Why? It'll save us both a ton of money. He will be the GC, and I'm the investor. He has no money, and I know nothing of building homes. Also, I'm already in IT, haha. I work at Rackspace.
>>1313762
>I'm the dude with money
Don't
The person with the money is the boss and there are exceptions to this.
>>1313825
Because you can't sue someone with no money. (you can, but you lose more than you gain)
It doesn't matter what your contracts say, or your shareholder agreement - if there is a falling out it basically sucks to do anything about it.
>>1313825
>I know nothing of building homes
Red alert. Always remember what my mentor taught me:
>Don't get involved in deals you don't understand.
Meaning: do not get your money or credit involved in deals you don't fully understand the details and risks.
>>1313825
>General contractor
>no money
Dude wtf are you thinking
You need to own the LLC and hire him under a contract. There is no reason for him to be your partner. Nothing good will come of that
>>1313762
>and he goes rouge
He's transitioning to a woman?
