Almost as bad is ownership split evenly among a larger number of partners, or worse, friends. Everyone has an equal vote and decisions are made by consensus. Or, worse still, unanimously. No one has the final say, every little decision becomes a debate, and things bog down quickly. To paraphrase Harry Truman, the buck has to stop somewhere.
Someone has to be in charge.
Make that person CEO and give them the largest ownership stake, even if it's only a little more. If you and your partner must have total equality, give a one percent share to an outside advisor who becomes your tie-breaker. Some entrepreneurs think they can be the low price player in their market and make huge profits on the volume. So the grosser the better. Set your prices as high as your market will bear.