Wait, wait, wait....
"Profit" is what is left over AFTER the expenses are paid, which includes salaries. It is important that you recognize that you hold TWO positions now- 1. Investor that "owns" the business, and 2. Baker/ decorator.
Look at a $100 retail price cake. You spend $20 on the ingredients (eggs, flour, sugar, etc.) , $5 on the supplies (boards, ribbon, supports, etc.), $3 on the "rent" or space use, $2 on the "use" or depreciation for your tips, pans, supplies. Then you spend 3 hours making it at $20/hr, so $60 dollars "salary". What's left? $10 "profit". As the "owner", you get the salary and the profit= $70. So if you have a partner, you split the profit.... $5 for the partner, and $65 ($60 salary +$5 profit) for you. NOT $35 each, because your salary IS NOT part of the "profit".
If the partner has skills that are "worth" something to the business, then the partner also gets a salary and a profit share. But maybe the partner only mops floors well... so the partner gets $8/ hour salary, and then the added profit share.
This is the obvious "sticky" part. What are your skills worth to the business per hour? What are the partner's skills worth?
I agree with a PP that said ask a lawyer... but if you think it out a bit before you meet, you will save money (as you are billed per hour).
Last, NEVER sell 50%. 49% maybe... but you need a legal option to "break a tie", if you disagree.
My hubby and son partner in a business flipping houses. Son draws $20/ hr, but more experienced/ skilled Dad draws $40/ hour. What is left after expenses, is split 50/50. Son has control, but calls in Dad when needed.
A partnership is answering..
1. Who makes the decisions- 51% partner?
2. Who draws a salary, and what is that salary amount?
3. How can you dissolve the partnership or buy the other out?
4. Who "owns" the intellectual property- like recipes?
Good luck--- lots to think about....