I've been brushing up on Fair Housing and I'm not sure about this distinction.

There is a distinction between a joint venture where all members are responsible for generating their own profits and where securities compliance is not required, and a passive investment (otherwise known as an "Investment Contract") where investors are relying on you to make a profit on their behalf.

In general, you want to avoid co-mingling funds and you want to make sure you're following all corporate formalities.Please be aware that there's a distinction between the business's liability and your own personal liability.

Honestly I've never heard of that distinction.

The carpet color they chose for the upstairs and basement is not very appealing, as it has a distinct blue tint.  

You want to make sure they understand that you will be doing two seperate distinct transactions and will be cloing with your funds, or borrowed funds, on the A-B deal.

Perhaps NY has some similar distinctions between the two - but I can't say with any certainty.

I buy businesses for their distinct product lines, intellectual property and their capital assets - typically at .25 cents on the dollar or lower book value.

Ibrahim S - Until now I did not recognize the distinction between a legal use vs. a use by zoning.

Whether you consider that action to be criminal misconduct or bold innovation is an academic and ultimately irrelevant distinction.