I'm curious to know if this sounds like a perfect 50/50 split profit situation or does one side usually get a higher percentage and these situations?
Exactly how you split things up is between the both of you. I mean, seriously, who cares what other people are doing if the split doesn't seem fair to both of you?
I know the standard advice is to get a lawyer ($$$) but if you want to do something small, and try this out, I recommend:
1. Figure out a fair split between the two of you. Have a discussion about how much time you will each be putting into it and come up with a split together. Talking about money is awkward, but if you can't sort this out, you probably won't be able to work together anyway.
2. Write up a simple one page agreement stating how you are going to split the revenue. The one with the developer account will pay the other one on a monthly basis as long as the balance due is over $XX (so you don't have to write $2 checks). The one without the account has the right to access the payment records on demand (you can get this through iTunes Connect).
3. Add a clause saying how either party may end the agreement. Again, this is awkward, but it's even more awkward to talk about it later when there is actual money involved. Usually you can say person A can pay person B a fixed amount to end the agreement. You could just pick a number or make it a percentage of the previous year's sales. The point here is that, if things wind down and the app is making $30/year, to save yourself the trouble of writing a $15 check every year.
4. Sign the sheet of paper, then get to work!
-- Ben
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