[psyklic]

If you pursue this, make sure to research the tax implications of giving away large chunks of equity post-founding.

If you wait until the company has a large valuation, your co-founder could be taxed on the stock's current value, even if they aren't making enough salary to pay the taxes. This is why many founders purchase the equity up-front (at a very low par value) then do reverse vesting (where the company can claw back the equity under certain scenarios).