consultancy, how to?
bhousel: I would definitely recommend that you pick someone up front to be a Project Manager.  Your friend might be this, as you described his role as "finding clients" and "some admin etc", but it's really a bit more than that - you might want to bring in a third founder with experience in running projects.I'll echo what others here are saying - don't split things 50/50 (or by any percentage, really).  Everyone on the project should have a bill rate.I'm a consultant on a few projects that are structured this way, and it seems to really work well.