All Topics / Legal & Accounting / Investing with friends – legal agreement?

Viewing 9 posts - 1 through 9 (of 9 total)
  • Profile photo of MrsCMrsC
    Member
    @mrsc
    Join Date: 2010
    Post Count: 48
    August 27, 2010 - 5:25 am

    Hi,

    We are considering investing with friends of ours. What sort of legal agreement is best for this sort of thing? Anyone have any experiences to share, things we should look out for?

    Thx

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    August 27, 2010 - 5:41 am

    You will need a written agreement setting out how it will all work and should include things such as:
    – whose name title is in
    – loans
    – contributions of money
    – contributions of time, who does what etc
    – what happens if one wants out and the other doesn't
    etc

    Look out for bankruptcy of your partner and/or future claims of spouses.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Paul DobsonPaul Dobson
    Participant
    @pauldobson
    Join Date: 2003
    Post Count: 1,196
    August 27, 2010 - 6:03 am

    Hi MrsC

    I'm not sure what State you're in but Tony Cordato of Cordato Partners Lawyers has a Joint Venture Agreement that covers all the points Terry mentioned above.  His phone number is 02 8297 5600.

    Cheers,  Paul

    Paul Dobson | Vendor Finance Institute
    http://www.vendorfinanceinstitute.com.au
    Email Me | Phone Me

    An alternative way to finance your home.

    Profile photo of MrsCMrsC
    Member
    @mrsc
    Join Date: 2010
    Post Count: 48
    August 27, 2010 - 6:16 am

    Thanks terry and paul.

    Im in Perth, Any recommedationss for good Perth lawyers?

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    August 27, 2010 - 6:19 am

    try Brett Davies Lawyers

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of rishi78rishi78
    Member
    @rishi78
    Join Date: 2010
    Post Count: 10
    September 2, 2010 - 4:51 am

    Hi Guys,

    Any recommendations for Melbourne lawyers?

    cheers.

    Profile photo of Paul DobsonPaul Dobson
    Participant
    @pauldobson
    Join Date: 2003
    Post Count: 1,196
    September 2, 2010 - 12:09 pm

    Hi rishi78

    In Victoria we use Lewis O'brien at:

    Lewis O’Brien & Associates
    Suite 113 
    89 High Street 
    Kew   Victoria   3101

    phone: 03 9888 6388
    fax: 03 9888 6366
    email: [email protected]

    Cheers,  Paul

    Paul Dobson | Vendor Finance Institute
    http://www.vendorfinanceinstitute.com.au
    Email Me | Phone Me

    An alternative way to finance your home.

    Profile photo of rishi78rishi78
    Member
    @rishi78
    Join Date: 2010
    Post Count: 10
    September 3, 2010 - 12:50 am

    Hi Paul,

    Do you know how much they charge for preparing a JV agreement?

    Thanks,
    rishi78

    Profile photo of Paul DobsonPaul Dobson
    Participant
    @pauldobson
    Join Date: 2003
    Post Count: 1,196
    September 3, 2010 - 11:21 am

    Hi rishi78

    I think Tony, in NSW, charges about $450.  Not sure about Lewis.

    Cheers,  Paul 

    Paul Dobson | Vendor Finance Institute
    http://www.vendorfinanceinstitute.com.au
    Email Me | Phone Me

    An alternative way to finance your home.

Viewing 9 posts - 1 through 9 (of 9 total)

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