Are you suggesting sole proprieterships and then have a contract between myself an him. My main issue is I want some way to tie us together (actually mostly so I have "deadlines" I have to meet) and to make sure the 50/50 agreement is protected somewhat. Im certain he wont screw me (I've known him for 3 years - he's a bit pompous and a sometimes difficult to work with but definitely not someone to take advantage at all) but I wouldnt walk in with no guarantee. :)
Thanks for thoughts on the rates - I had some nagging doubts on that side of things. The £25/hr is more from fixed prices we figured we would have for the first few jobs (which are specced out) and their budget is fairly low. But your right about underselling in the future - is it better to bill hourly (and give an initial hours estimate) or agree a fixed cost in advance do you think (Im thinking former)?
Thanks for the great feedback :)