When my partner and I started our company, it was very important that was signed a contract. We went the legitimate route right away (we filed as equal members of an LLC). Especially because we were friends prior to the venture, it was important that we lay everything out in case the business went sour it wouldn't wreck our friendship. In the contract, we laid out exactly who would do what. Who would pay for start up expenses and how much we would be compensated. The entire document is about 20 pages long but it is easily the most important thing in the entire business.
Also remember that partnerships do not have to be 50/50. If you feel you are doing 75% of the work, speak with him and reevaluate. Perhaps you should take 75% of the cut and he can take 25%. If he has some benefit in your business, it is important to have open communication with him. And if you really feel it is not beneficial to you and that you can operate on your own, by all means do so. Just be modest about it and tell him without being nasty.
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