Quote:
Originally Posted by varislost
This is a legal question. I own 50% undivided interest in a house and surrounding land in California. I want to start a business, bringing people to hike, do photography, etc. They would pay a "day fee" of $50/person. I would do a little advertising to get clients. Can I legally do this without involving the other undivided owner? Do I legally have to do some sort of profit sharing or paperwork with the other owner?
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You need to go back to the terms and conditions which existed when you fell heir to or bought a 50% share in this land. There must be an agreement which specifies what happens to the income. How would you feel if your co-owner did the same to you?? If there isn't an agreement in place about income, I would suggest doing it now so that you both know what limitations there are on your ability to earn income from the property and what, if anything, has to be shared.
Good luck
Margaret