Eco:
Welcome to ECN forums from one of the 'Jersey Guys'.
Your question may have more legal ramifications then can be answered here. You should be checking with your accountant for any tax related issues, and your insurance agent for insurance related issues.
The OOS contractor may or may not have the required insurance coverage here (NJ). He should be able to provide you with certificates.
Also, keep in mind the requirements of the Board for anything that may be deemed a 'joint venture'!
Take care
