Welcome to Part 4 in a 12-part series entitled "12 Warning Signs You're Headed for a Lawsuit with Your Partner". If you missed Parts 1-3, click here to get to our Real Estate Investor bLAWg where you can find those and any many other informative blog posts. The fourth warning sign is short, but just as important as the others...
#4: Your written agreement is without a clear definition of who’s contributing what
OK, so you’re feeling good that you already have a written agreement with your partner. The problem is that if the agreement does not adequately address key points, such as who is contributing what to the joint venture in terms of time, money, property or effort, then that void creates a fertile ground for future disagreement. What are the odds that your agreement is missing such key items? Unfortunately, it happens all the time. Solution: amend your agreement with a competent lawyer (consider using a different lawyer than the one who drafted up your defective agreement in the first place) ASAP!
If you are entering a partner relationship of any kind, whether it is an LLC, corporation, general or limited partnership, call us. We can set it up to minimize the risk of future disputes. If you are having challenges with a current partner, call us. We may be able to help you resolve your dispute and avoid a lawsuit. If litigation with your partner is inevitable, we can handle that as well. If you're not sure if your agreement is properly drafted to minimize your risks of future dispute and/or to adequately protect you in the event of a future disagreement, call or e-mail us to learn about our special "Partnership Agreement Audit" offer. For more information, call Jeff Lerman at 415-454-0455 x234 or e-mail him at jeff@lermanlaw.com.
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