[Unceremoniously removed from r/startups with no note as to why, so trying here. Probably should've been here first anyway]Finally found a nice SaaS niche to support that I'm excited about. I've sold my previous 2 startups (mechanical/product design then IoT) and currently have a full-time (plus) job at another startup. But, neither of my previous ventures has involved partners - all bootstrap.This time around will be a little different as I am acutely aware I will need more hours than I can commit to get it up and growing. Good news is that I have a willing and capable friend who's very excited to get to do some extra-curricular work with me. He's not got any real prior startup experience as he's a developer manager for a big company. He does some hobby website hosting and stuff, but nothing that he really cares about and/or that could grow into much.My question for you fine folks is how do we plan equity sharing early? We'll form an LLC right away and I'll fund the small required capital (probably <$5k). I wouldn't ask my friend to participate (especially expecting he'll be putting in more hours than I will) without a commitment of some equity. But, I've been burned enough times to know that if I give him 10% he can decide he wants to pursue becoming a professional rodeo clown and still have that 10%. I certainly don't expect that (he doesn't even like horses) but I need to have some way to make sure that things remain fair.I suspect we'll end up splitting the tech side of things probably 60% (him)/40% (me). But, I am the one with the right contacts in this niche to not only validate our product design, but also to make sales once we have a product. I think my friend can get there, but it's well outside the work he normally does.I want to state clearly that I am NOT in any way looking to get one over on him, nor am I interested in "just doing it myself." Also, once I have a plan and before he does 1 iota of work for the venture, we will have this conversation (negotiation) explicitly and write down (and then sign) whatever we agree to.What I'm after is how do you approach kind of an equity contingency. You get X% of the total shares of the company when YZ happens, or something along those lines? Curious if anyone has done it in a way they liked or hated. see hubwealthy.com/wealthy
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