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FAQs
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How do you write a partnership agreement?
Name of the partnership. ... Contributions to the partnership. ... Allocation of profits, losses, and draws. ... Partners' authority. ... Partnership decision-making. ... Management duties. ... Admitting new partners. ... Withdrawal or death of a partner. -
How do you create a partnership?
Identify your strengths and weaknesses. What are you good at? ... Discuss your long-term goals upfront. ... Define your roles explicitly. ... Communicate regularly. ... Remember that no one likes surprises. ... Respect one another. ... Put things in writing. ... Pick up the phone. -
How do you write a letter to a partnership?
Mention how you are going to address the challenges you have. Describe the potential partners. Mention the goals and advantages of collaboration. Explain what your business is and how you make money. -
Why is it advisable for a partnership to have a formal agreement?
A Partnership Agreement helps to avoid conflict which may arise between the partners. Where the terms of a partnership are not clearly set out and recorded, disputes may arise over ownership division, the roles and responsibilities of the partners, and the division of assets upon termination of the partnership. -
How do you draft a joint venture agreement?
The date of the establishment of your agreement. The parties involved in the venture. The business name of the joint venture. A description of the project the venture is purposed for. Financing and accounting details. -
How does a joint venture work?
A joint venture is a strategic alliance where two or more parties, usually businesses, form a partnership to share markets, intellectual property, assets, knowledge, and, of course, profits. A joint venture differs from a merger in the sense that there is no transfer of ownership in the deal. -
What is joint venture and example?
Examples of joint ventures include: Vodafone & Telefónica agreed to share their mobile network. BMW and Toyota co-operate on research into hydrogen fuel cells, vehicle electrification and ultra- lightweight materials. West Coast \u2013 joint venture between Virgin Rail & Stagecoach. -
Why do joint ventures fail?
There are many reasons why Joint Ventures fail and five of the most common reasons are: Lack of a proper Joint Venture Agreement. ... The simple reason is that the struggling partner will drain the Joint Venture, not allowing the it to build up capital for challenging times or future expansions. Control issues. -
Do joint ventures need to be registered?
The word joint venture is confusing. It seems like it must have distinct legal meaning. ... At times, the parties to a joint venture create a separate entity, such as a limited liability company or corporation. In this case, the entities are registered (formed) with the Secretary of State. -
What is the main purpose of a partnership agreement?
The purpose of partnership agreement (or partnership contract) is to establish a business enterprise through a legally binding contract between two or more individuals or other legal entities. This partnership agreement designates the rights and responsibilities of each partner or entity involved. -
How do you legally bind a partnership agreement?
A legally binding partnership, however, requires that each partner is assigned specific roles and responsibilities, financial expectations, and future planning expectations for the business. The partnership should also have an agreement as to handling the exit of one of the business partners. -
What is the importance of a partnership agreement?
The purpose of a partnership agreement is to protect the owner's investment in the company, govern how the company will be managed, clearly define the rights and obligations of the partners, and determine the rules of engagement should a disagreement arise among the parties. -
Can partners limit the right of a partner to commit their partnership to contracts?
Mutual agency means that each partner is an agent of the partnership and can commit it to contracts that are within the normal scope of its business. ... Yes, partners can limit the right of a partner. Such an agreement is binding on members of the partnership. It is also binding on outsiders who know of the agreement. -
How are profits divided in a partnership?
When forming a partnership, the business owners have the option of creating an agreement that dictates how profits or losses pass through to members of the partnership. Absent an agreement, the partners will share profits and losses equally. If an agreement exists, partners divide profits based on the terms specified.
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Electronic signature joint venture agreement
hey everyone micros art here talking to us today about the joint venture partnership how do you structure a joint venture partnership now I'm going to get into how you structure a good job venture partnership so what are some of the key components and how do you actually split the deal up well it depends on the deal and I wish I could say that every deal was the same it's not it really depends all on the return on investment so let's talk about some high-level scenarios right so scenario a is completely turnkey now you're buying a property that that is an okay deal yeah you might say the deal is like on the scale of like Deal factor it's like worth ten percent of the deal then you might have right that's 4d then you've got you know your management and this is a preacher and keep property one single family tenant not a lot of management work let's say that's worth 10% the deal to do to do all of that work thinking of financing worth 80% of that deal so that's one structure you could consider right and so you might do a profit structure where if someone put up all the financing they would get eighty percent of all the profits all the cash flow and all the you don't want net net profit on sale so that might be one way you structure it then you might have another deal that's that's so sweet on the other side of the spectrum where you might give 30% of the value just to whoever controls the deal you say look I may be a third of almost a third of the profit 30% of the profit just for bringing that deal to like for letting me partner with you on that deal because I know I can get within so let's say when the renovation is done in 90 120 days almost all of my deals I've had my diamond tire down payment back so a good deal is one where you have after manna if you manage it effectively you get all of your capital back so you own a property with none of your own money in it both the partners have no money in the project I feel like four or five months that's the type of deal that's just really sweet that's my preferred type of deal and those types of deals who cares if you split the profit fifty-fifty let's say you've management 20% there's a lot of renovation work to do and this one's a messy property might be a duplex or a triplex more work than then you know a single-family turnkey and so then the financier might get so the financier or I call it the money I call this the money but you can also call like the financier of the person bringing financing to the deal and the capital to the deal that person might get 50% of the deal but if they got all of their downpayment back first and by the way whoever brings the money always gets secured on title because they own they really their money ass be guaranteed so if person doesn't deliver on deal and management like for instance if I own deliver on deal and management in a project that make nothing so my cut becomes zero they get paid first always you have to make sure the investor gets paid first always that's really really important to make sure the investor feels secure because they don't want to be one they don't wanna lose money and no one wants to lose money so we're talking about when there's upside then you can slip that weren't effectively between the the active manager and the person who brought the deal in apartment building commercial investing sometimes people get 10% of the deal just for bringing the apartment deal to the Bester's just for syndicating the deals what they call it for bringing everything together they get 10% of the deal automatically and these big five million dollar projects I'm going to get 10% automatically for bringing the investors together for bringing the deal together they get like 500k of that and the investors are okay because that's only a couple of percentage points on their overall return they're getting 18 or 20 percent return instead of 25 you know me personally as investor I don't doesn't bother me at all called the structure and the components you need to consider when you're going to a joint venture one you need to consider the fit so what is the overall fit with you know the joint venture partners are you guys going to get along well do you think you can work together over a two or three year period to unlock the value in the property can you handle this person's personality do you believe that they're gonna do what they say they're going to do all these types of things so just making sure there's a fit I think we're rid of those money and two people are flexible or agreeable usually have a good opportunity to be draw venture partners I look for people who are flexible and reasonable that's the the two components right and obviously centered on making a good return on investment emotion can't be considered in the decision so despite what you might like emotionally for a property you have to think about it from what is the return on this investment what is the best decision for the return on investment next is making sure you had a win-win scenario setup so if you bring someone a deal and you want them to give you financing because people ask me well Mike how do we get financing on my flips I'm doing a flip or I have a rental property how do I get financing for this deal I don't have enough capital by deal my favorite partnerships were when the partners had the money to buy the deal I always feel the best part of someone who has a lot of money because they've a lot to lose and they have the capital if things go bad they can step in and add that capital if they're if the markets dry up and no one can get refinancing we need capital zero renovation I like it when both partners have the financial backing they have that ability to do that so ideally the person who does the people in the management also has financial means as well they're not just broke but you could you could have those scenarios where you might partner with someone who is the workhorse was going to do all the management all the renovation everything and you give them a percentage of the deal for doing everything my caution would be make sure that they're proven and if they're not proven make sure that you're the expert who's partnering with them so I might partner with someone who I believe is a really getting really strong workhorse in this property and I'll mentor them and give them the expertise as a result of our working together they'll benefit and I'll benefit not to create a win-win scenario but if you bring a deal that's bad like you brought this deal we talked about before the turnkey deal they didn't really have any outside and the cash flow is kind of bad just not a really good deal overall it's hard to pitch them and say hey I'll take 25 40 percent of this deal if there isn't a huge upside right it really hurts the return on investment so if you're a money partner out there and you're looking to partner with someone who's an active investor please guys make sure the deal is strong enough the cash flow is strong enough if you'da just by giving away a percentage of that you know as a party management fee or has a net profit sharing agreement on sales so that's fun to consider make sure is a win-win scenario make sure there's enough money to go around for everyone if you have a most investors will have an internal rate of return or eternal threshold they're looking for so let's say it's 15% make anything after 15% is gravy so you know if the project makes 30% it's fine to split that that 15% you know between the investor and the active manager that's fine if you want to do that kind of split because you're getting your 15% you're after if you're after 25% then maybe gonna give 5% away on 30% deal to the active managers you have to make sure that the numbers work for the deal and each deal is you know based on the situation of that deal what the outside is what the amount of work that needs to be done is all those static you need to be considered clearly define the rules is really important too because most people don't clearly define what those roles are two people will actively manage the property together and they'll clash and or someone might do all of the work and someone does none of the work some might bring all the value someone else brings none of the value of the expertise you need to make sure that like I even did some deals myself where it was like 5050 and you have 5050 with a friend but then I would do all the work that's a terrible deal for me for me to go 5050 and put up half the money half the money with them like I'm not talking about me going 5050 with no money none of my capital but I'll get the financing I put a path my capital if I won 50/50 that's a really bad deal for me because I'm doing all the active management I brought the deal to the table I brought all the value and all they had brought his half of the financing so they're really bringing like let's say financing is worth 30% or 40% of the deal they've brought like 15% of the value of the deal I brought 85% of the value of the deal so I'm getting destroyed if you're making those deals then and you're on the other side and someone else is doing all the work then that could could be a win-win situation if the deals really sweet and then I guess both parties win and you're you know if it's a 50 cents on the dollar deal then you can make those types of deals work but just everyone has to win that's the that's the key piece the end of the day yet the set of a win-win situation where the roles are clearly defined and if those are changing where one person is doing all of the work you might need to adjust the profits but accordingly you might need to go 55 45 or 60 40 a lot of my original deals were 60/40 or 65 35 why we get 65% I put up half the capital and get a 15% additional profit and up site ownership of the property because I was doing all of the active renovation and all of the active deal hunting all of the work that was associated with bringing this deal to the investor then from start to finish helping them double their money or triple their money in a lot of cases that sort of really high triple digit return and so that's sort of how you set up a win-win situation and always guys I did a lot of handshake agreements in my own starting off you know a lot of oh we're friends and we'll trust each other but always put in writing get a joint venture agreement together and put it in writing it'll outline in the joint venture agreement I've got some that you can google and find some contracts for free even if it's like two or three pages doesn't have to be one of those a massive tormentor partnership agreements but put something on paper that says hey the profit split is this the active person is getting this and doing these X&Y tasks and other person is doing this with X&Y tasks and always have a shotgun clause in your agreement where if partners can't agree on something there is an there's a buyout price so a shotgun agreement Clause is effectively where you know if I offer you $250,000 I want to activate I'll give you 10 50 grand for the property you can turn around buy me out for 250 grand so you have the option soon as I offer at 250 you can buy me out at 250 what that does is ensure that I'm gonna offer darn near market value return on that property so when I offer you buy you about 250 the property Barry worth 250 you're gonna buy it and just resell it on me so the drive entered the struck an agreement and drove entry clause ensures that things ever go south you have a way to get out an amicable way you could set up other ways of doing it where you have appraisals done but you know every appraisals different so you bring in three appraisers and they all have different values so it can be really really difficult to discern and you don't obviously want to sell when you're under pressure when there's a conflict between the partnership that's not a great time to sell it might be in like December during Christmas when it's not a great time to sell in the market or might be you know I mean so it's better to time out your your exit strategy and always go into the joint venture partnership with an exit strategy in mind and make sure you crunch those numbers the end of the day that's the most important piece so the numbers work for everyone we don't manage properties and we don't get investing in real estate because we love it that's like a side factor maybe we enjoy it a little bit and myself included but we usually get it to do this to make money and that's the reason everyone's come together is to grow our wealth and get a good return on investment and solid cash flow to unlock financial independence or whatever goal that were after at the end of the day so that is how you set up a joint venture partnership don't always like if you're gonna go 5050 make sure that you're yeah just make sure you're looking at the three components of the deal the the money the management and the deal and see who's brought which components to the table and which what value to the table and that's how you determine who gets what the active manager needs to be at least given a compensation of a fee or some structure if you're going to 50/50 and they're doing all the work that really needs to make you have to put that in the contract and really do that so those are some of the key components sorry this is a bit scrambled guys as always I hope you enjoyed this this is a bit of a longer video and I appreciate if you made it all the way to the end if you did find value from this video these guys share this on your Facebook on Instagram just share on social media if you found value from it some tear your drug venture partner and say hey you know we actually negotiate a really great deal look at how look at the deal we could have negotiated or you know hey I have a dream a true partner partner and we don't have an agreement in place we should put something on paper we should go just even if you write some things down on a piece of paper who does what and how the profit is split on sale and the cash flow each month is split in the delineation of duties and just sign it both you guys sign it and make a copy of that just really good to have when you put things in writing then you know later on two years from now you can be clear on who said what and who did what and just makes things really smooth and helps the process go along really really well and if you're just out there learning I hope that you guys found value from the the three different pieces of value that come from a real estate transaction so the money the management and the deal and what my question for you guys is what are you out there exploring are you learning to master the art of the deal as Trump let's say the art of the deal or learning to master you know management and renovations and all that and imagine those pieces of value unlock unlocking and creation or are you just interested in you saved up enough capital you have no interest in getting tenant phone calls and you just want to be too passive or silent partner the passive partner that just puts up the financing and gets a great return on their investment what are you out there looking to do and as always I'm you guys know I'm growing here in London Ontario and if you do want to buy some properties here in London with me let me know reach out to me and we'll get in touch we'll chat about it I've got this really lofty goal right now of 100 properties and a thousand properties within within the Holding Corp would be really cool to do it's not about the money for me really anymore it's more of a scorecard I just enjoy doing this and I enjoy building and growing things and when you make people money it feels really good everyone's really happy so it's just been kind of fun to do this anyway guys hope you guys are enjoying this I'm getting a call live as always spend less earn more and maximize your returns to unlock a wealthier you micro start by everyone he did
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