Ask HN: How should we split the equity?

We are planning to start a startup next month. I am investing 35% of total investment and the rest of it comes from friends & family. I am the business guy and I ll be joined by a technical person. He is not taking any pay cut while I ll be taking 50% of my original salary. Now, should the other person be treated as co-founder or should he be treated as employee? How would you advise to split the equity?