congrats goofygrin on the success and fun! Regarding "getting things in writing and what not", screw what the others are saying. You're on the path to having the discussion. Good luck and enjoy the ride!
Thanks. We've actually talked compensation in reasonably concrete terms, so I'm really not concerned with it.
Right now, I want to get the business to the point where he can start drawing a decent salary to support his family. Remember, he's a long time friend first, partner second.