Question about ownership of a website?

[Kremerica]

Hey all,

Background:

I have a friend that has a website, and has had it for about 2 or 3 years now. He doesn't know anything about computers or website design, and had someone else set it up for him. He has been getting a small amount of revenue from ads on the site for the past couple years. Like $50 checks...

He has asked me to help him update the site, get more traffic and make more revenue, or sell the site after the renovations. I will be doing all the work since he doesn't know anything.

For my work, he has offerred to give me half of any money he makes from this point forwards. I hate mixing business and family/friends, but I think its a good move for both of us...

I know he said he would give me half, but I would prefer to have a legal agreement in place so that if we do end up selling the site, there won't be any issues. I just don't want to get into an argument with him about the money and what he previously told me.

Question:

I was thinking of setting up a partnership, or LLC with 50% ownership for each of us, is this a good idea? How do we get the website under this companies ownership?

What can I do to ensure that the ownership of the site is legally considered 50/50 ownership?

Any suggestions on what to do?
Thanks,

 

[JSFLY]

Well first off, make sure he actually wants to allow you ownership of half the site. Seems like he just wants to give you half the revenue.

 

[Kremerica]

Well first off, make sure he actually wants to allow you ownership of half the site. Seems like he just wants to give you half the revenue.

yeah, he wants to give me anything and everything related to the site 50%. (including the problems)

Sorry if my statement was misleading about just the revenue.