I appreciate that it’s not worth it to hire lawyers, build a studio brand, or incorporate until you have a game that you know will be a hit. Sending an email with $X for asset Y suffices as a contract. But what about bringing in a partner? What if one person works full-time, and one person works part-time? What if one of the partners leaves the project after a year of work? I could easily imagine this going disastrously wrong if they realize they have a hit on their hands, and then they try to figure out how to share revenue.
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