Entrepreneur here not a lawyer, but as a startup you want to keep costs low. Legal fees can be $10k+ just to issue new shares.
Unless you are profitable, I'd try delay doing this until a funding event and do what the the other commenter Siegel mentioned. Just get the commitment in writing or in a contract and don't go through the messy process of issuing new shares unless your business has product/market fit and is stable. Because before product/market fit you should worry only about getting to product/market fit. You shouldn't worry about sharing % of nothing. NOTE: revenue =/= product/market fit.
But make sure you do it before, or at the same time you raise money.
If you can afford it, ask a lawyer if you can issue more shares to keep the %'s the same 50% shares outstanding and 50% common. Then adjust the amount owned by you and your co-founder. ie. issue another 10m shares, 2m go to your co-founder and 3m to you, then you have 20m outstanding, 10m common with 5m/5m. Get a price quote upfront for the work.
Again, I'm not a lawyer so this is NOT legal advice. I don't know if this is the most economical or easiest way to do it, but it's one way you might do it.
Unless you are profitable, I'd try delay doing this until a funding event and do what the the other commenter Siegel mentioned. Just get the commitment in writing or in a contract and don't go through the messy process of issuing new shares unless your business has product/market fit and is stable. Because before product/market fit you should worry only about getting to product/market fit. You shouldn't worry about sharing % of nothing. NOTE: revenue =/= product/market fit.
But make sure you do it before, or at the same time you raise money.
If you can afford it, ask a lawyer if you can issue more shares to keep the %'s the same 50% shares outstanding and 50% common. Then adjust the amount owned by you and your co-founder. ie. issue another 10m shares, 2m go to your co-founder and 3m to you, then you have 20m outstanding, 10m common with 5m/5m. Get a price quote upfront for the work.
Again, I'm not a lawyer so this is NOT legal advice. I don't know if this is the most economical or easiest way to do it, but it's one way you might do it.