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You would not have to reimburse the partners for anything - the partners can have different basis in the partnership based on their contributions
So I loose the 9100.00 dollars I have spent out of my pocket making repairs?
If you wish to be reimbursed you can be, but it's not required
You won't lose those funds
I do not understand?? If I have 4 equal partners..but they have not contributed equally...I have 50,000 to distribute....I would think the partners who have contributed more should get a larger % of these proceeds than the partner who has contributed nothing
What you could do is reimburse the partners who contributed to the expenses first from the distribution, and then take what's left and split it equally
Thank you. I would reimburse expenses from day one of partnership correct?
Thank you I appreciate your time and patience.
No problem. It was my pleasure