This is incorrect. Shareholder votes are only one control provision; board seats are another. If you both have board seats, your cofounder has an effective ve

This is incorrect. Shareholder votes are only one control provision; board seats are another. If you both have board seats, your cofounder has an effective veto on major transactions. Don't get clever with "revenue sharing agreements" etc. You want to innovate in your core business, not in financial instruments. The alternative is a world of unintended legal and tax consequences.