I've agreed to build an iPhone app for a client that was referred to me. I'm a full-time software engineer by day, but this is only my 2nd iPhone app and I agreed to do it without upfront funding as it would give me a project to further learn the API as well as increase my portfolio of iPhone apps.
The client suggested as payment, that we split the profits 50/50. Normally I would not think this was fair but in a situation like this, I was ok with it since my family's life does not depend on it.
As we are nearing the end of development on the app, I asked the client if they would prefer their personal name be put on the project, or if they minded that it was my name (since I have the developer license). Naturally, they requested their name. I've not told them all that that entails because I would relinquish management of the app and profit divisions to them.
My question to this community, and pardon if this is not the proper place, is am I going about this the right way?
Should I request a partnership be setup?
Should I insist my developer name goes on it? What would you do?
Additionally, I'm going off of his word that this is a niche product with high demand (its in the medical field) so we will be able to charge a bit more for it.