My friend developed an online service that can be used by social media marketers. At the beginning, I participated with him in development and testing phases but my participation was like 10% only from my friend's overall effort. The service is now available online and being subscribed by good number of customers every day.
Now, we would like to make an official partnership, I suggested 50-50 partnership where each one will pay 50% of costs, and each of us will get 50% of profits. Also, we both should participate in the development and operation the current service, do the bug fixes, and support customers. Should we also agree on how many hours each should work per day and how?
My friend wants to have exclusive ownership on the domain, script, and customers database so that I won't be able to go away and build another competing or similar service with the same script and customer base, I am not sure if this is right or not.
Also, what's the fair share distribution of such partnership. What should happen if I for example don't want to be involved anymore, what will be the proper and fair exit strategy?
I need some guidance to build a successful partnership for both of us.