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you are naive to keep working without your arrangement written in stone.

You're good friends - for now. That can change in an instant.

Code "ownership" doesn't matter if he can afford better lawyers than you.

I agree with you and will be rectifying it soon.

I've been in this position 3 times now. Trust me - you want to get documentation signed as soon as possible (yesterday, really). When money and equity is on the line, "friendship" can, and often does, go out the window in an instant.

If you assume your market rate, you can figure out how much money you would have drawn as a salary (since it's unpaid), and consider that as an investment. Compare that to the 80k he's put in, and maybe that will help settle the numbers.