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all very good points. You left out one very important topic.
Taxes. Taxes on the assets of the business, taxes on the profits, inventory. Tax, Tax, Tax, Tax! Assuming this is in RI? Then add another Tax!
You're either a partner or an employee for tax purposes, there is no in between. I dont see any other way around it. Many successful businesses have been started from similar situations as yours so I dont think its that hard. Dont do anything informal, make it formal.
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