Texas Real Estate Blog

Partnerships, LLC’s and Other Fascinating Stuff | June 8, 2011

You are probably wondering why I have a picture of a poor guy who is on the mound on ESPN with his fly down? Well, I will get to that later but I had to get your attention because this post, while important, is a yawner. Today, I am posting a compilation of laws and statutes pertaining to Partnerships, LLC’s and other entities. Yes, we lawyers have to actually know this stuff so I thought it might be nice to share the pain. Seriously, I can’t tell you how many times a week I get a call from a client asking me,”How quick and how much to form an LLC”? Actually it takes a matter of minutes to form an LLC; however, if the constituent documents underlying the LLC/Partnership are not done correctly the ramifications could be expensive and last for years. The most important part of the formation of an LLC or Partnership is the Operating Agreement for the LLC and the actual Agreement of Partnership. These documents will set out the basic rights, obligations and ownership interests of the respective members and partners. These are very detailed and act as the “game plan” for the venture and the pre-nup for the investors. In addition there is a ton of law that governs LLC’s and Partnerships, much of which is covered in this articlePartnerships_and_LLCs. The bottom line is that this article can serve as a great desk reference for anyone who advises others in business relationships. Frankly, with all the stellar legal advice we render for clients in this regard, the best advice/caution I always give to clients is that if the person(s) you are about to do business with are not the type of people you would do business with on just a handshake, then I would think twice (no–thrice) about the marriage.

Now to the photo-it’s actually a snippet from an article on business etiquette that I found refreshinghttp://www.businessinsider.com/how-to-tell-the-boss-his-fly-is-down-2011-6?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+businessinsider+%28Business+Insider%29&utm_content=Google+Reader You never know what people are observing about you, so its best to always maintain a “professional” demeanor. In short, manners matter.


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    Steve Watten

    Real Estate News& Views

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