It's a pretty good opportunity. Firstly don't miss it. If u go for 60:40, there may be a chance of clashes between you and your partner and ultimately both will suffer. it is the time to act smartly. agree on 50:50 along with some commission or incentive or remuneration or salary or allowance or perquisite, by whatever name called, for yourself exclusively. business in today"s era has become a bit complex equation and in your case there comes fact of matter of capital.
for more advice on this issue you may follow up mu advice on call.

Thnaks and Regards.