In order to do a business it IS NOT NECESSARY to incorporate. In addition, simply because the business is incorporated, personal assets MAY NOT NECESSARILY protected. There are many different business structure – sole proprietorship, partnership, corporation, LLC. What form of business is the best for your business depends of the nature and status of your business and where you want to take your business to.
Clients often ask “Is this a fair contract?” However, it is hard to say from a third party’s eye, what is “fair” and what is “unfair.” The most important thing with a contract (especially written – yes, oral contract is valid) is it clearly states the CONTENT of the agreement. When there was oral agreement which was later reduced into writing, and the content of the oral and written agreements are different. It is usually the case the written agreement tramps the oral agreement.
When property is held by more than one person, one of the owners has right to occupy the entire property by himself/herself. This means that the property is rented to a third party for $2,000, one of the owners can keep the entire $2,000 without sharing the rent income. If a dispute arises among the owners, an owner can force the sale of the property – called a partition action.