Columbus, OH asked in Real Estate Law and Business Formation for Ohio

Q: I am working with multiple partners to put together a LLC to purchase a commercial property. Can I take a fee.

I am getting a few partners to pool $100,000 as a downpayment on a commercial property that is $600,000. Obviously we are getting a loan for the rest. Can I take a fee from the downpayment proceeds for putting the contract together. A percentage, like 5% to 10% of the downpayment, I was hoping. I am not licensed or anything. I have found a market for these properties and will be putting together many of the LLC partnerships.

1 Lawyer Answer
Matthew Williams
Matthew Williams
  • Cleveland, OH
  • Licensed in Ohio

A: You should discuss your business plan privately with an attorney. It sounds like you may be involving yourself in transactions which require a license that you do not have.

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