Answered on Dec 21st, 2016 at 5:10 PM
There are a number of ways to do this, but you almost certainly want to start by setting up a corporation or limited liability company. The agreement governing each person's percentage of ownership, etc., would be set forth in a shareholder's agreement or operating agreement, depending on which entity you choose. A corporation or LLC will also protect both of you from potential product liability issues.
Happy to discuss if you would like.