legitamizing my investment group?

**lgame** · 08-23-2008 11:54 PM

i started a investment group about 4 months ago with 3 members and for the past 4 months the money has been sitting in my house not collecting any interest. bad, i know. Our intentions as of right now our to invest in real estate when we have enough money. what do i need to do to make our investment group legal and legit and put my money in a account to start making interest?

thanks for all information.

**andrewrichardgale** · 08-24-2008 12:12 AM

one of the guys that lived by me did that except had LOADS of people investing and stole all there money and ran away probably like a month ago

**lgame** · 08-24-2008 02:37 PM

i dont have to worry about that because i hold the money and whatever account we put the money in will require all of our permission before withdrawing it, but im sorry to hear that. Can you answer my question though?

**lgame** · 08-24-2008 02:39 PM

does anybody know if i would benefit more from a partnership agreement or corporation?

**Erista** · 08-26-2008 10:54 AM

I think that’s better … you can have a search online for the various options. I was too on the way of planning my investments in a better way and had found a good investing company that really helped me to plan good investments in real estate. There are many types of investments and I hope that investing in real estate will be a good option for you.For more information you can visit my signature.

**steve_sushner** · 08-31-2008 11:10 PM

DO NOT CREATE A CORPORATION. It will be double taxed. Best idea would be an LLC, but a partnership would do. Sounds like you are still raising funds, so for now just open a joint bank account requiring unanimous signatures to withdraw. As a side note I don't think you can earn interest on a checking account in the name of an LLC or corporation.