Q: I'm 37, with extensive technology and finance experience. Several months ago, I was approached by a 22-year-old acquaintance who wanted me to team up with him to launch an Internet start-up based on an idea and a rough business plan that he wrote. The original idea came from a third party, who in return was promised 1 percent of the equity if the business got funded. I rewrote the business plan and arranged VC meetings my partner wouldn't have been able to get on his own. Our verbal deal was that I'd get 62.5 percent of the founder's equity; he'd get the balance of founders' shares. No VCs have bitten and I'm having second thoughts. If I drop out, how do we redetermine the split of founders' equity? If my partner drops out due to lack of funding, after I've dropped out, who retains the rights to the plan and concept going forward?
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