Getting involved in startup, equity negotation advice?

[durron597]

Other details:

I should add he quit his job and is funding this project 100% through savings. I will not be quitting my job until (at the earliest) he can afford to give me a salary equal to what I make now. If that never happens, I am not going to quit.

As far as current expenses, there really aren't that much. The other programmer is hosting the site until we go live; he is paying $500/month for a small amount of office space that I won't be using.

I should be considered a key decision-maker for the company in addition to being a programmer here... but the application specification has already been written out by him (though I've made comments). He asked me to write up a detailed timeline, which will be the first thing I do after this equity stuff is decided.

I will probably be working ~20 hours a week approximately on this effort once all this is worked out.