How to Structure to Own Half of a Company?

[gatsby]

I am moderately experienced in business- I have about 10 years of experience in internet marketing and own an S-corporation.

Recently, my acupuncturist has proposed a business partnership to me. He wants to sell his health products on the internet (which works well) and eventually open up various offices throughout the country. I see the potential in the business and actually considering his offer.

So far, we seem like a good match. And he needs me more than I need him to accomplish his goal:

My strength/weakness: versed in internet marketing, fluent in English, connections / no product
His strength/weakness: has a product / computer illiterate, can't speak English, no connections


My question is this:

I'd like to be very clear about our business terms before we start anything.

I'd like to ask for a 50-50 partnership so I own half of the entire business. What would be the best way to structure to do so? By asking him to give me half of his stocks of his s-corp? or should we create a new corporation and be partners? or should we formulate a contract so we do profit-sharing of his company's profits? (but would I be entitled to the company when we sell it?) Are there any other options?

He currently runs a practice and has an idea how he wants to execute his business, and started some branding/website construction himself.
I don't think he's doing well with the business though, and have an impression he is bad with bookkeeping.

Any suggestions from an experienced businessman would be greatly appreciated!

 

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