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I suggest forming an LLC.
It's cheap to form. You file Articles of Organization with the state and apply for a federal identification number.
All of the issues you bring up can be solved by including them in your Operating Agreement, which is the binding document for all members in the LLC.
Good reading to get you started would be the Nolo books, since they are very easy to understand - particularly "Legal Guide for Starting and Running a Small Business," "Tax Savy for Small Business" and "Form Your Own Limited Liability Company," all from Nolo Press. They can be found pretty cheap on Amazon.com.
You must study before you jump into things or you will be immediately overwhelmed and in over you head.
Self-employment taxes and estimated taxes are also areas you will want to become familiar with, as they will apply to all of you.
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Bad Luck City
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