You have a professor who taught a project management course? What's your relationship like with her? Did you ask lots of questions in the course? Does she recognise your face? If so, I highly recommend forgetting you even started this thread here, and just talking to her! She is likely to be your best possible resource on this question. She can help guide you on how to proceed way better than anyone here if only because she's in the same legal jurisdiction as you, so she can tell you what legal advice she was given, how to legally incorporate, etc., or if that really is the best advice.

PS: that course you refer to is precisely the type of course I was referring to, although for me it was called something else. I will wager that it was only a minor intro, but it will suffice for the purposes of working with an acquaintance. If you decide to continue along this road, taking a more complete project management course will serve you incredibly well. If you decide to get a regular job, it is likely going to be a few years before it will serve you at all ;-)