I am in the early stages of bootstrapping a startup. The product is a cloud-based service for businesses within a very specific industry. I have worked as a UX & UI developer and design freelancer for many years. During this time I have developed a working relationship with another professional that has a niche in the industry that this service is targeted for. I actually started developing the service out of frustration from working on/implementing similar services with his clients (but always separate from the work I did for him).
The question that I'm ultimately trying to get to - I cannot decide the best way to organize share and stake within the company. He is fully aware of the service, and as I develop portions of the platform I have shown it to him and we've talked about it in depth. It started out as one if those "wouldnt it be cool if..." conversations. Anyways, I am fully aware that I need him to get started - he has the ability to sell the product to very large companies. In fact, we have already started making deals with a few companies that our interested in some of the features we are ready to start testing. However, there are some caveats: we are located on different sides of the US and as far as I'm concerned I will be running the day to day operations of the business and will have more stake in the success of the company. Although I believe the fair thing is to split profits/shares between us evenly, I am hesitant about splitting management/control evenly. Not due to trust, but I have a feeling that this obligation will end up being obtrusive to the growth of the company. Also, for what it's worth, the only capital is coming from me.
Is it common in general partnerships to have precise definitions in how control is broken up, or should I look more at a limited partnership or even something else?