I have a property under contract under my partners LLC corp. Me & the other partner are not in the LLC. What would be the best way to buy the property and own it between the 3 partners? Would it be ok to just buy it under his LLC and have a seperate agreement on the side or do we have to get added to his LLC to purchase the property?
You need to be authorized by the LLC in order to act on its behalf or the deal isn’t binding.
As to shared ownership, the two of you need to own part of the LLC in order to own the property. A side agreement is not binding on any third party.
You can also create a new entity between the LLC and you two. It is really a matter of what’s best for your situation.
whatever you do… PUT IT IN WRITING. who contributes what. who pays for what. who pays if partner #1 doesn’t pay up. how to get rid of a partner who isn’t paying his share. how you divide profits if a partner isn’t paying his share.
you get the idea.