On: Co-founder or employee?

[kemo]

Trust me, there's no win-win situation in your case. just give him salary, if he's really good than give him a really good salary. That's it ;)

As soon as you start giving shares away, the one who's taking them will get greedy and ask for more. How does that end ?

You'll stop being friends ( trust me ), he'll get way much more from something that you've built than you will,

If you want to work 'in percentages' with him anyway, than do it with new projects and businesses.