I have a side project I've been working on for about a year with a few thousand sign ups but no revenue. I think it has a lot of potential, but for the sake of my own sanity and wellbeing I can't devote more than 5-10 hours per week on it. I would like to focus more on product and strategy side of things and find a technical partner who is interested in building out new features and owning the technical side.

How should I structure this partnership? Does this warrant a legal contract? Once I find the right person, is there some sort of equity structure that makes sense so this person can have some ownership that vests over time. In a perfect world we would end up at 50/50 but since I've already devoted a year of my free time to this, it seems like a partner should pitch in for at least a year before we split ownership 50/50.

I don't have plans of pursuing funding, but definitely have plans of generating revenue soon. How should I think about profit sharing when we start generating a profit?

I've had some bad experiences in the past working on side projects without any format agreement and everything falling apart...so I'd like to be a bit more formal this time around.

Any insight is appreciated!

PS - Anybody in the Bay Area interested in partnering on a niche nutrition planning app? Email in profile. Rails API + Sidekiq + React/Redux + Heroku + hybrid iOS app. https://getdevour.com