Buffet Breakfast: 7:30-8:00 am
Program: 8:00-9:00 am
Join MEREDA for breakfast on October 28 from 7:30 AM - 9:00 AM at the Portland Regency Hotel as our panel discusses the legal and financial aspects of real estate partnerships. They’ll share examples ranging from two friends flipping houses for fun to seasoned developers collaborating on some of the largest or most notable projects in recent years.
In today’s complicated real estate market, rarely can one party bring all the resources needed to complete an ambitious real estate project. Whether it be capital, know-how or a below-market purchase option on a buildable lot in the East End, developers need partners! While partnerships present a great opportunity, they also have unique legal, tax and operating attributes that can ruin your longest friendship if not handled properly.
Who has operational control? When do the investors get paid? Will the bank accept this partnership structure? And why did the lawyers come up with this huge operating agreement? During this event, our legal and tax expert panelists will answer these questions and more as they review a series of sample cases to explore the do’s and don’ts of real estate partnerships. After the presentation, the audience will better understand how investors and project sponsors are compensated, important provisions to look for in the operating agreement, what bank lenders expect, and other unique tax and legal attributes of real estate partnerships.
Meet our panelists:
Marc J. Powers, CPA, CVA has been practicing as a Certified Public Accountant for over 25 years, as a Certified Valuation Analyst for over 10 years and as partner at the accounting firm of Purdy, Powers & Company since 1996. During these years, he has been advising businesses with accounting, valuation, tax and business advice. Mr. Powers has done numerous valuations for estate planning, divorce engagements, buy/sell agreements, shareholder disputes, mergers and acquisitions, and financial planning. Mr. Powers provides on-going business advice on a routine basis with many of his clients. He has assisted businesses with hiring, forecasting, banking, debt restructure, angel investing, private lending, software searches, writing business plans, investment banking, development of management reporting systems, strategic tax planning, international accounting, forward exchange contracts, hedging transactions, contract reviews and negotiations. Mr. Powers has been involved in over 100 business mergers and acquisitions representing both the seller and buyer.
Nathaniel R. Huckel-Bauer, Esq. is a partner at Drummond & Drummond, LLP in Portland where his practice is focused on business and real estate transactions, real estate development and general counsel service to local and regional businesses. A typical work week might include representing a buyer in a significant commercial property purchase, drafting documents for a condominium conversion, representing a private lender in a real estate loan transaction, and setting up an LLC for a new business client. Always interested in something new, he recently teamed up with others in the firm and ReVision Energy to assist in the creation of Maine’s first community solar farm.