New York, NY asked in Contracts, Real Estate Law and Business Formation for New York

Q: I'm an amateur investor trying to start a company that invests primarily in real estate deals with friends/family funds

The company's main strategy would be buying properties at auction and reselling them at market value. I want to offer friends and associates (not professional investors nor high net-worth individuals) the opportunity to invest $50,000 in my company in return for a 2.5% equity in the company and 2.5% of profits. I'd like sole and full control of all investment decisions. However, I'm not a professional with any securities/real estate licences.

1 Lawyer Answer
Elaine Shay
PREMIUM
Elaine Shay
Answered
  • New York, NY
  • Licensed in New York

A: Interesting business plan but what is the question?

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.