First Time Partner?
Ok here is the deal, I always worked alone with no partners, but now a person I know bought a lot and put in an LLC and now I come in, since he cannot afford to get a mortgage all by himself to build on it he asked me if I would like to partner with him and split the construction cost and when we sell the property split profit 50/50 of course after taking out what he paid so far for the lot. My questions is how do I get added to the LLC that owns the lot, do we have a bank account with the LLC name with money in it and that’s how we get the mortgage from the bank and make check to pay the subs and mortgage payment, etc. how do I protect myself from him not withdrawing from the LLC account without my knowledge or some trust have to be involved, like I said I always worked alone but I feel like its time to go to bigger projects where it involves partnership, so any opinions or suggestions?
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