Remember that any general partner can bind the entire general partnership,
and each partner is fully liable for all obligations of the partnership. If
you start talking about serious money (I presume the $17,000 acquisition
cost is a fraction of the entire cost of moving storing and setting up
business operations) then you need to centralize management authority,
through a corporation, Limited Liability Company or Limited Partnership.
Unfortunately, while solitications of investments in a corporate entity made
to a large number of people is subject to Colorado law (fairly strict) and
the various state laws in which each individual receiving an investment
solicitation lives). There is a federal securities exemption for offerings
of under $1 million, but many states are much stricter.
I'm not saying this to rain on the parade, but rather because if the
investors turn out not to be satisfied with the way things turn out, they
can use the fact that the securities laws were not complied with to get
their money back, plus, in some cases, attorneys fees and exemplary damages.
Sometimes they get the state attorney general to get involved and do all the
work for them. I've seen it happen. For many years I earned my salt
cleaning up the legal messes left when business deals went wrong.
Regards,
Grant S.
54 3100 (mostly all there)
54 3100 (mostly not there)
55 1st 3100 (mostly rust)
Los Angeles, CA
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