I advise my clients to break down the situation into 4 catagories:
1 Control - Who and how will decisions be made. Both the long term and daily operational ones
2. Compensation - Who does the work, what is the value of it and how will they be compensated
3. Distribution of results - how will the profits (and losses) be distributed.
4 Ownership - How will the equity be divided based upon the above. Will there be "earned" equity and how will that occur.
If you would like to discuss your situation, feel free to contact me privately.