I am starting a company to build a software product. I previously built an application for the company I work for. The company I work for has no interest in the product other than using the version they have. I started to re-engineer the application outside of my day job. I realized that I need additional programming talent and found someone with the desired skill-set. Since the idea, design, and about %25 of the programming is already done, and I expect to split the work with the other resource about 50/50. Can anyone suggest a fair percentage to give the new person? Also, what should be the split on costs of starting the company (servers, licensed development software, lawyers, etc.)? Is it better to give a lesser percentage and I cover all costs? If the industry matters, the application will be initially targeted to colleges/universities and will be a hosted application.
As a side note, I don't have the resources to just hire someone.