Thinking of going into business (i.e., making money in any fashion) with other people? In the law it's called a common law partnership. Simply the biggest factor to understand is that you become personally liable for their actions unless you take actions to shield each other by forming a legal business entity. By far the easiest and most popular way to do so is by forming a Limited Liability Company ("LLC"). Give us a call. We'll help you get it done.
The most widely recognized business entity is the corporation. Almost nobody forms a C Corporation today unless they are planning on going public (i.e., going to be traded on a stock exchange). In general, profits from a C Corporation are double taxed; once on the corporate level and once on the personal level. Give us a call for more details