> "All IP belongs to the company we’ll form. This is unilaterally severable by either of us for no compensation, after which we’d both be free to go our own way

> "All IP belongs to the company we’ll form. This is unilaterally severable by either of us for no compensation, after which we’d both be free to go our own way and do whatever we want, related or not to this idea.” Please don't do this - it's way too simplified. Who gets the company assets and liabilities when you split? You can't just split a 50/50 company; each asset and liability has to be given to one or the other, including the company itself.