This is simply my personal opinion:
Give him the "co-founder" title and put in on your website. By listing him as co-founder, he gets to put that on his resume. In the long-run, this is very valuable for him.
No profit sharing. No 50/50. In the "real" world, you can't wait 3 years to ask for back pay, or for profit share. In fact, you can't wait 3 years to ask for the title, either! There is a time limitation, for the sake of common sense and reason.
Both of you will hopefully learn how to draw up blunt, clear partner agreements for your next ventures. There is a great chance that you will both branch out into even bigger things, with higher stakes...thank goodness you guys learn this now! |