These are the checklists related to Partnerships.
These tasks have special Partnership badge before them.
If you're not doing a partnership you can skip these or mark them as complete.
When you click on the task, you can also see the tags that task is filed under. You can also click on the tag to see other tasks with that tag.
- Partnership Define my goal: Purchase an investment rental property with a partner in the next 3 months.
- Partnership Determine how much Cash Reserves for Partnership
If you're doing a partnership, you will want to determine with your partners how much you will want to keep in Cash Reserves for the Partnership.
If you're not doing a Partnership, you can skip this step, but it may also be helpful for you to think about the sources of your Cash Reserves are as well.
Mark this task complete once you've determined how much Cash Reserves you should have with your Partnership.
- Partnership Transfer money from your Master LLC to your Single Member LLC for Down Payment
This step is highly unusual for Nomads, but... if you happen to be buying in the name of a new LLC and you've got a Master LLC, make sure you transfer money from your Master LLC to your Single Member LLC (SMLLC) for your Down Payment.
Mark this task complete once done or if you're not doing this.
- Partnership Create Partnership folder
- Partnership Negotiate partnership terms
- Partnership Determine Partnership entity
- Partnership Create list of questions about partnerships for meeting with Attorney
- Partnership Read Operating Agreement
Read through your LLC Operating Agreement.
Highlight sections you have questions about. Write down any questions you have.
Mark this task complete once you've read your Operating Agreement and marked up any sections you have questions on. You will be meeting with your Entity Attorney to get your questions answered in another task.
- Partnership Meet with Entity Attorney to review Operating Agreement
Once you've read through your Operating Agreement and highlighted sections you have questions about, bring your questions to a meeting with your Entity Attorney.
Mark this task complete once you understand and feel comfortable with your Operating Agreement.
- Partnership Search LLC names
- Partnership Determine LLC name
- Partnership Register LLC with Secretary of State
Important note: your Entity Attorney may do this on your behalf if you've hired them to create your entity.
Otherwise, register LLC with the Secretary of State by completing Articles of Organization. Save a copy of your Articles of Organization to your Partnership folder in Dropbox.
Mark this task complete once you've filed Articles of Organization.
- Partnership Subscribe your email to LLC record with Secretary of State
- Partnership Create partnership agreement in writing
- Partnership Hold Organizational Meeting for LLC
- Partnership Request EIN for your LLC
- Partnership Open LLC bank account
- Partnership Create Articles of Organization for LLC
- Partnership Create list of questions about partnerships for meeting with Accountant
- Partnership Optional: Create Partnership Explanation Video
- Partnership Open Partnership bank account
- Partnership Request EIN for LLC
- Partnership Meet with Attorney to ask questions about partnerships
- Partnership Meet with Accountant to ask questions about partnerships
- Partnership Give partners notice of upcoming annual meeting
- Partnership Hold annual meeting for Partners
- Partnership Review Operating Agreement
- Partnership IF LLC: Create meeting minutes for annual meeting
- Partnership Share tax return with Partners
If you have a Partnership, then once you have reviewed your tax return from your Accountant share it with your Partners.
Once you've shared it with your Partners, mark this task as complete.