Checklist Tags

These are the checklists related to Partnerships.

These are the additional tasks that you'd consider doing if you were doing a partnership.

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.

  1. Partnership Define my goal: Purchase an investment rental property with a partner in the next 3 months.
    If this is for a partnership, define your partnership goal.

    A suggestion might be: Purchase an investment rental property with a partner in the next 3 months.

    ASAPFirst Meeting: Your Real Estate GoalsGoalsPartnershipsUltimate Nomad ChecklistWeek 1

  2. 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.

    Cash ReservesPartnershipsPartnerships - SetupPre-Showings: Down PaymentUltimate Nomad ChecklistWeek 2

  3. 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.

    ASAPCash ReservesPartnershipsPre-Showings: Down PaymentUltimate Nomad ChecklistWeek 2

  4. Partnership Create Partnership folder
    If this is a Partnership. Create a folder for this Partnership on my computer inside Dropbox.

    Recommend that you use the name of Partnership as folder name.

    Mark this complete when done.

    Computer SetupPartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2

  5. Partnership Negotiate partnership terms
    Negotiate the terms of your partnership with your partners.

    Mark this task complete when finished.

    PartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2

  6. Partnership Determine Partnership entity
    Determine the entity that you'll use for Partnership. Often this will be an LLC, but meet with your Entity Attorney to discuss what might be best for your unique situation.

    ASAPAsset ProtectionLLCPartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2

  7. Partnership Create list of questions about partnerships for meeting with Attorney
    Create list of questions about partnerships for Attorney.

    Mark complete once you've got your list of questions.

    PartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2

  8. 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.

    ASAPAsset ProtectionLLCPartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2

  9. 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.

    ASAPAsset ProtectionLLCPartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2

  10. Partnership Search LLC names
    Search for available names for your LLC on the Secretary of State website.

    Mark done when you've found a name that you can use for your LLC that is not already being used.

    ASAPAsset ProtectionLLCPartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2

  11. Partnership Determine LLC name
    Once you've looked up names on the Secretary of State website, decide what name you'll use for your LLC.

    Mark this task complete once you've decided.

    ASAPAsset ProtectionLLCPartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2

  12. 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.

    ASAPAsset ProtectionLLCPartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2

  13. Partnership Subscribe your email to LLC record with Secretary of State
    Make sure when you create your LLC that you subscribe the LLC record via email so you can receive email notices when your "Periodic Report" is due, etc.

    ASAPAsset ProtectionLLCPartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2

  14. Partnership Create partnership agreement in writing
    Create your partnership agreement in writing. This is often an Operating Agreement if you're an LLC or a Partnership Agreement if you're a true Partnership).

    PartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2

  15. Partnership Hold Organizational Meeting for LLC
    Hold your official Organizational Meeting for the LLC and save a copy of your "Organization Meeting Minutes" to your LLC folder on Dropbox.

    PartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2

  16. Partnership Request EIN for your LLC
    You'll need your Employee Identification Number (EIN) from the IRS to be able to open your LLC's bank account so request one from the IRS.

    PartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2

  17. Partnership Open LLC bank account
    Armed with your Articles of Organization, Operating Agreement, Organizational Meeting minutes, EIN number and some money to deposit go to the bank and open your LLC bank account.

    PartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2

  18. Partnership Create Articles of Organization for LLC
    Create Articles of Organization for your LLC. This is usually done online on the Secretary of State website and is what registers your LLC with the state.

    LLCPartnershipsUltimate Nomad ChecklistWeek 2

  19. Partnership Create list of questions about partnerships for meeting with Accountant
    Create list of questions about partnerships for Accountant.

    Mark complete once you've got your list of questions.

    AccountingPartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2

  20. Partnership Optional: Create Partnership Explanation Video
    Consider creating a Partnership Explanation Video for possible partners to watch to see if they'd be interested in being part of the Partnership.

    Mark complete if you decide not to make the video or once you've made the video.

    MarketingPartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 3

  21. Partnership Open Partnership bank account
    Open bank account for Partnership.

    You will likely need the Operating Agreement and/or meeting minutes to document your authorization to do so.

    ASAPAsset ProtectionPartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 3

  22. Partnership Request EIN for LLC
    If you've created a new entity for your parntership, request an EIN for filing taxes.

    AccountingBookkeepingBookkeeping and Accounting for NomadsPartnershipsUltimate Nomad ChecklistWeek 3

  23. Partnership Meet with Attorney to ask questions about partnerships
    Meet with your Attorney to ask questions about partnerships.

    Mark this task as complete once you've met with your Attorney and you have all your questions answered about partnerships.

    LLCPartnershipsUltimate Nomad ChecklistWeek 3

  24. Partnership Meet with Accountant to ask questions about partnerships
    Meet with your Accountant to ask questions about partnerships.

    Mark this task as complete once you've met with your Accountant and you have all your questions answered about partnerships.

    AccountingBookkeepingLLCPartnershipsUltimate Nomad ChecklistWeek 3

  25. Partnership Give partners notice of upcoming annual meeting
    Schedule and give your partners notice you have an upcoming annual partnership meeting.

    Mark done once you've given partners notice.

    Maintain Your LLCPartnershipsUltimate Nomad ChecklistWeek 52

  26. Partnership Hold annual meeting for Partners
    Hold your annual meeting for Partners.

    Mark complete once you've held your annual meeting for Partners.

    Maintain Your LLCPartnershipsUltimate Nomad ChecklistWeek 53

  27. Partnership Review Operating Agreement
    Review your LLC Operating Agreement to make sure everything is up to date and relevant.

    Maintain Your LLCPartnershipsUltimate Nomad ChecklistWeek 53

  28. Partnership IF LLC: Create meeting minutes for annual meeting
    If you're operating your partnership as an LLC, create meeting minutes for your annual meeting with your partners.

    Mark this task complete when done creating your meeting minutes.

    Maintain Your LLCPartnershipsUltimate Nomad ChecklistWeek 54

  29. 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.

    AccountingBookkeepingBookkeeping and Accounting for NomadsMaintain Your LLCPartnershipsUltimate Nomad ChecklistWeek 64

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