Currently I'm working on a project together with 1 co-founder and soon we are going to incorporate a company. We agreed that I get 70% shares and he gets 30% . The reason is because I started the whole project, initial research and came out with the first product prototype.
We need to come out with the initial capital, $10,000. Should co-founders contribute cash based on the share percentage ($7000 & $3000) or split it equally ($5000 & $5000)? What's the common practice?
My co-founder shares are vesting over 3 years. As the co-founder that started this, am I subject to vesting as well?
Since my co-founder first year shares are 10%, how much will he get for the first year profit? 10% or 30%?