That was real optimistic Goonx
... although you might be right.
But, since you are only talking about a website and not a fortune 500 company don't be afraid to use incorporate.com and form your corp. You might make some money out of this partnership and if you don't you will definitely learn enough to do something on your own easily if this fails. Those lessons are worth it. Don't be afraid of failing with this partnership, just be afraid of losing too much time trying to make it work and getting stressed. If it starts to look bad go to plan B QUICKLY!
Good Luck!