[ajkates]

So, you built an application by yourself, with no funding or help,and you're willing to give up 50% of the equity just like that?

I'd also recommend seeing a lawyer. Additionally, a partnership may not be the best idea if you don't know and trust this second co-founder. I'm no lawyer, but it sounds like an LLC might be a better choice. You can vest his shares over a time period that you feel is appropriate, and include a clause in the operating agreement that discharges him if he fails to perform the duties required of him.

Again, I'd go see a lawyer. It's not worth the headache later on.

[zviband]

Yes. I understand it may seem crazy, but here is my justification...

What I've built is a web app. That's all it is right now. But around it needs to be built a company, a marketing plan, PR, etc. To me, bringing someone experienced who will lead handling that on board is a necessity, because, otherwise, I'll I have is a heap of code and some pretty JPGs.