[anamax]

> He asked me to work for the company in exchange for a percentage share, and the agreement states that until the venture receives funding it will be run as a sole proprietorship to save on legal fees. Is this a good idea?

Let's find out what he really thinks about this arrangement.

Ask him to switch roles. In other words, the company is your sole proprietorship and he gets whatever he expected you to take.

If he won't go for that, why should you?

If he will and you decide to go through with this arrangement, make the decision as to roles using a coin flip or some other random process. If he won't agree to that, he was bluffing.