I am about to take on a partner to develop a software prototype I built almost a year ago and I need some guidance on deciding equity/profit split.
I know out of past experience that I cannot develop, maintain, ship and market the idea all on my own - I simply don't have the time resources or capital to stop all the other work I'm doing and work exclusively on this project.
So, I would rather take on a partner and own 50% of a useful project which shipped than 100% of vaporware. The partner in question is willing to be involved full-time for a period of 3-6 months to develop the idea and part-time after that. We need to decide on a fair equity/profit split for his involvement.
I am partial to an equal 50/50 split whenever possible, but the project is my idea, I built the prototype and I have the necessary domain knowledge and experience to develop it alongside another developer.
Having read all the other questions related to equity split, none seem to adequately address my case. I did spot the term "vesting", which seemed relevant, but I have no experience with that.
What is a fair agreement to compensate all parties and to ensure that if my partner leaves after helping the idea succeed, I'm not left with half the equity and all the work?