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It sounds like a good idea, and I can understand not wanting to get too bogged down with legal nonsense, and on the other-hand, wanting to cover your a$$ too.
In my opinion, the big question is... how are you going to determine "profit."
Profit = Sell Price - Cost.
So how do you determine cost?
Cost of Materials... easy enough.
Labor.... you say your labor is free. So you don't calculate it into the COG? That isn't really fair to you and isn't what I would call a partnership. If you don't calculate it into the cost, then basically it gets added into profit and she just got half your wages. But I guess if that is what’s in it for her then so be it.
Overhead... this is where things get tricky... consider cost of using the space, electricity, insurance, water, gas/oil, etc... Then there is other stuff like taxes, depreciation and whatnot, but I am not an accountant, i just have some business experience.
What I know is that cost is complicated to determine, and you want to make sure this is ironed out before you start, so that when you go to market and sell $100 worth of mushrooms, she does not come back and say profit was $2, so here is your buck....
Personally i can't stand dealing with lawyers. If this is someone you really feel like you can trust, then I would just sit with her and try to work out all of the details & expectations ahead of time. I would not hold any punches & be as completely direct as possible. If you are thinking something, better to just get it out in the open and discuss than to beat around the bush. Once you are both on the same page, get in the dark and start growing shrooms.
That is my opinion - fwiw
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