Q:  "Should I incorporate my business in Delaware?"

A:  The answer to this question might turn on any number of business considerations, including, for example, where your business is conducted, your desired state sales or income tax consequences, the size and type of your business, and maybe even the formal structure that you intend to use.  Don't assume that Delaware is automatically right (or wrong) for your business.  Legal counsel should be able to assist you in asking the right questions to help you arrive at the decision that best meets the needs of your business.

Q:  "I am starting a business with some friends and relatives. How can I protect myself?"

A:  Being a co-owner has rewards, including for example, the benefits of shared risk.  However, there is also an inherent risk of potential changes in the circumstances of the business or the co-owners.  A partner, member or shareholder may get divorced, wish to retire, lose interest in the business or pass away unexpectedly.  You can't plan for every eventuality.  But, there are some baseline protections that can be taken and those protections should be put in writing.  Corporate shareholders can use shareholder agreements or buy-sell agreements; partners use partnership agreements; members of limited liability companies can use operating agreements.  Hire a lawyer and make sure that everyone knows who the lawyer represents.  If there is any potential for a conflict, each co-owner can get separate counsel.

Q:  I just finished a great class on how to become rich investing in real estate!  I got all of these great forms from the class, so can I begin using them to 'buy' up property?

A:  First, it is almost certain that a main tenet of the class was to 'develop your team.'  In this case, a lawyer will be a valuable team member.  Using form contracts without ensuring that the forms comply with local or state laws could spell trouble.  For example, one local jurisdiction may require that all contracts for the purchase of real estate contain a certain disclosure to appear in the body of the contract, if that property is of a certain type (residential four-unit or less, for example).  A jurisdiction a few miles a way may or may not require the same disclosure.  And, even if the basic form is adequate to create a binding agreement, every real estate transaction is unique and may require that the contract be modified to meet the goals of all parties to the transaction.