[skmurphy]

Don't do 50-50; do 51-49 so there is a clear majority partner. It can be you or the other person but you need a way to avoid deadlock. You can involve a third person and go 49-49-2 so that you have a tie-breaker (or 49.99-49.99-0.02). Packard was 60% and Hewlett was 40% as an FYI.

The advice to do a vesting schedule (or a buyback/unvesting) is also good. You need to look beyond just this one person and think about what other "hats" or capabilities you are going to need to achieve your objectives. You may want to setup an option agreement. But you are going need to create some kind of company, and should consult with an attorney.

Denny Miu's advice to reach a "meeting of the minds" first and expressing it in plain English is spot on, don't rely on an attorney to help you reach an agreement with a partner, rely on an attorney to point out risks and issues that you may not have considered (e.g. setting up a buy-sell agreement).

Many more companies fail from a lack of customer development than product development so finding a partner who can help balance your strengths and offering them a substantial chunk of equity is not unreasonable.

I hope this helps./SeanM http://www.skmurphy.com