A couple of friends and myself are looking to buy some hunting property. I was wondering if any one has any good ideas as to what kind of contract should be draw up in between the partners? Have any of you guys entered into such a thing, what kind of rules did you setup in terms of who can hunt, what should be done if somebody wants out, how much insurance you should have. Basically I'm looking for any input at all for any forseeable problem that might arise.

Oh, and does any one how or if you can buy a peice of land and have three people that would be making loan payments and how all than would work?

I want to setup a corporation that has bylaws that will put all these things in writting, and I think that will also illiminate personal liabilty if someone were to fall out of a tree stand or something. My buddies can't understand that at all, and I'm having a hard time convicing them that "I know you'll never sue me, but its your insurance company that I'm worried about; If something happens."

Any input appreciated.

Oh. And I forgot to ask what happens if one of us should happed to get divorced? It would suck to have somebody's pi$$ed off ex-wife owning 1/4 of your hunting land.

Go talk to a Lawyer. Corporations will protect you a bit but not completely and there is probably a contract that can be set up in case of a divorce. As far as three different names making payments on a loan... That can get sticky.

You will need to set it up as an LLC and you can set it up where it has to be offered for sale to the other parters in case one of the parterners dies or is divorced. I am not sure about the loans and you should do a search for hunting club agreements to get some ideas of some things you should include. I absolutely wouldn't enter into that type of arraangement without taking the precautions that you have mentioned regardless of how good the friends are.