My friend and I launched a web application. We intend to make it a paid service by the end of the year. He has 1/3 shares and I have 2/3 (per a verbal agreement). We haven't yet established any LCC, Partnership or otherwise yet, but need to do so in order to get a bank account and get some other things setup.
After doing some research I came across a
Limited Liability Limited Partnership and it seems like the right idea, but I'm not sure how to document our agreement on % ownership of the business. If we setup an LLLP, how do we document who owns how much of the business?