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I just talked with my accountant today about this very issue. A partner and I are buying 3 quads together.

We are going to form a Limited Liability Corporation (LLC). This helps protect us from lawsuits. We will have to file a tax return for the corporation, but the activities of the corporation just get divided up 3 ways and flow through to each of your individual tax returns.

As far as what happens if a partner dies, I would guess the heirs get 1/3 interest in the corporation.

For all the nitty-gritty, check with your accountant or lawyer. LLCs are easy to form and not that expensive.

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