Ask HN: 50/50 equity split without registering new corporation?

Dear HN, I developed a SaaS app together with my partner (50/50) that is making a few hundred dollars a month. This app has been a side project for us, both of us have businesses in a related field that take up the bulk of our time. We are based in Canada.

We are planning to incorporate very soon, but are wondering if there is a way to structure this project that avoids the paperwork involved with managing a whole new corporation.

Can a joint venture agreement between our respective companies specify 50/50 ownership? Is this a practical approach?