Think of it this way: You start a company with him, and have an outside investor give you $1 million. That's a large angel/small VC round. Say it's worth 30% o

Think of it this way: You start a company with him, and have an outside investor give you $1 million. That's a large angel/small VC round. Say it's worth 30% of the company. Would you split that remaining 70% at 68/2 with the guy if he hadn't put any money in? More importantly, it sounds as if he already considers you an employee (as opposed to a founder). If you want to be a co-founder, this wont end well.