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Want to revise ownership percentage before...

AppGuruAppGuru subscriber Posts: 1
edited December 2013 in Business Planning
what percentage of ownership is fair? Want to revise ownership percentage before...
Hi everyone,
I would like to get some advice on how to revise my % ownership in a company that I and one other friend currently own. My friend is the business guy and I am the technology guy. He approached my about 8 months ago to join him and become partners; running with one of his ideas. We incorporated the company about 4 months ago at (60%*/40%*). At that point I thought that was manageable because he came with the idea, but it now seem I am putting tons of hours into the development while I still need to do my regular 9-5 job, and there is still tons of work to be done by myself (only) to get a viable product to push out the door. One other point is we have actually shifted focus a bit from his initial idea because the cost of entering that market was just too high for us to afford and there are a lot of compliance and regulation that hinders us from getting into that particular market.
While going thru the stress of getting this application to a point where it could be used, I once again thought of why am doing this, and it became less appealing to me because after setting aside about 12% of the company for future investors or anyone coming onboard, I am left with about 34-35%, while he still owns about 55% of the company. That's what actually made me think I need to re-negotiate before we start making money; since am the CTO (Chief Technology Officer) there would be a constant revision and updating of the product to make sure we stay ahead of technology. So my efforts now will be continuous and on-going.
Am I in the wrong to ask for a revision to our legal paper work that was filed.
* The reason I agreed to this was, he told me when dealing with partnerships (other companies), it looks better if it seems one person is the decision maker and not multiple people.
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