Ask HN: Effort prior to agreement

The product that I've been working on (off/on partime for more than a year) is almost there.

I'm still in confusion on what agreement should I make with my friend (idea owner and potential partner).

He's consulted an accountant and the following were his suggestions:

a) $K my work in development to be taken out of the equation (structured as loan from me to the company).

b) Service-agreement/contract to be signed between the company and myself.

c) Based on the value that I bring to the table, my shares would be determined.

While taking the dev work amount out of the equation reduces my risk. It treats all the time I spent into mere $ value.

Does this sound common? If so - should I negotiate based on an assumed CTO role, VP (this would still be parttime effort)?

Background:

a) Idea originally his, I was initially contracted for execution then I proposed a partnership.

b) My friend has very good lead channels (VPs).

c) First client would be the Company he's working for.

EDIT: formatting lists