Possible Duplicate: Forming a new software startup, how do I allocate ownership fairly?
I have a business idea. I have talked to two other people about this and they are interested. We are about to work together to create the prototype. The goal is to talk to angel or VC to get funding after the prototype. We all have full time job during the day. The first question is if we need to incorporate now and decide share split up front, before any real work is done.
The second question is related to the level of potential future commitment. For some reason, one partner likely would hold on to his current job even after we get funding, and would want to continue work with us part-time. How would this consideration affect the share split? Also can this person be a co-founder if he will only work part time in future? Does the title "co-founder" carry any legal significance?