Taking Title in Wyoming as a Partnership
If you choose to take title as a partnership then you will undoubtedly need the services of a competent attorney knowledgable in these matters. As a matter of fact, even explaining the next 4 forms of ownership interest are so far over my head that I am going to copy word for word the explanations (and fully credit the source, of course!):
"A partnership is an association of two or more persons who carry on a business for profit as co-owners as defined in the Uniform Partnership Act, in force in a majority of states. Under this act, a partnership can hold title to real property in the name of the partnership, holding by tenancy in partnership. An advantage to this form of ownership is that the partnership itself does not pay taxes. It must file a partnership information return (Form 1065) showing how much income it distributed to each partner. Each partner, however, is responsible for paying his or her own tax." *
*"The Language of Real Estate"by John W. Reilly (2006, by Dearborn Financial Publishing, Inc.; pg 321)
Definitely not a do it yourself project! If you think a partnership might work for you then it would probably be worth a visit to a competent attorney to find out more.
*This information is intended only to provide further clarification of real estate issues in Laramie, Wyoming. I am not an attorney.
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