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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Title Holding and Partnerships Posted by Justin Williams on February 03, 2010 at 1:30 PM Hi Everyone! I took Wards class at the end of Dec and just purchased my first Trustee sale property last week. Just like Ward taught I did the vesting in a GP named after the street where the property is located. As I am actually working on finding and completing the paperwork for the partnership and the trust, as well as opening up a new bank account and get an EIN number etc. I am being asked by my accountant and some others why I am going through so much hassle for just one property. Is it necessary to set up a GP/Trusts etc. with EIN number and separate account if we only have one money partner? Why couldn't I simply take title in my multi member LLC or S Corp, and pay the money partner back his share money and share of profits at closing? This is essentially what my accountant recommended. Suggestions? Advice? What am I missing here? Thanks in advance! Follow Ups: Partnership questions... Ward-CA- 1:45 PM, 02/12/10 (0) Which training did you take? Title Holding Trusts or Foreclosure Buying? 7:05 PM, 02/03/10 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Hi Everyone! : I took Wards class at the end of Dec and just purchased my first Trustee sale property last week. : Just like Ward taught I did the vesting in a GP named after the street where the property is located. : As I am actually working on finding and completing the paperwork for the partnership and the trust, as well as opening up a new bank account and get an EIN number etc. I am being asked by my accountant and some others why I am going through so much hassle for just one property. : Is it necessary to set up a GP/Trusts etc. with EIN number and separate account if we only have one money partner? : Why couldn't I simply take title in my multi member LLC or S Corp, and pay the money partner back his share money and share of profits at closing? : This is essentially what my accountant recommended. : Suggestions? Advice? What am I missing here? : Thanks in advance! [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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