How to Form Partnership with existing business

What are the terms and conditions to set forth?

[OhMyPixel]

I am currently in talks with forming a partnership with an individual over a website that is in the exporting/importing industry. I have access to the web stats and it looks like he gets an average of 660 unique hits a day. The domain name is pretty well ranked in the search engines but could use a little help. Its PR5 right now.

How should I propose terms for a partnership? I need to be compensated for my time, etc. I would be working on the design and doing some ground work to increase the revenue. I don't know where to start, please help!

[fathom]

Starting partner relationships can be tricky > there is no direct "how to" guide.

The bottom line is trust > at both ends > without this the relationship is doom.

For me > I will do all work upfront and at my expense provided one of three things occur:

1. the partner puts up sweat equity of similar value, or

2. I receive a greater return over the life of the relationship, since taking the risk burden of the relationship in advance, or

3. be compensated at "cost" plus "time" > so the partnership can start on equal terms with no residual partner-building work being outstanding.

This doesn't help alot > but regardless of who works, who doesn't etc., if not entering the partnership as equals > one or the other will always feel "shafted" and if so the relationship is doom to fail.