When entering into a new business, or an existing business, with another party it is always prudent to obtain legal, accounting and financial planning advice.
A lawyer will be able to advise you in relation to what entity (such as a company, a family trust, a unit trust or a partnership) may be the most appropriate in your circumstances.
Your lawyer will also assist you with what documents you should consider to formalise the arrangements, as well as any licences or other agreements or contracts that may be required.