steps, and every step meant one more chance for something to go wrong. When Jay and I liquidated the Tahoe investment years later, I noticed that we had forgotten something critical, so I called him. “Listen,” I said, “the deal is closed, but I just realized we never drew up a formal partnership agreement between the two of us. If the IRS comes and reviews this thing, we’re going to look like idiots if we don’t have documents.”
