Ask HN: How to set up a 50/50 ownership company with a co-founder?

Currently working with a co-founder on a product and we want to set up a legal business before we launch. We are leaning toward an LLC because we do not need to take any investor funding. However, we're not sure how to structure it.

We've agreed that we both own 50% of the company, but do we want to set it up this way? He has a trust and says that if we set up the LLC as a single-member LLC instead of a multi-member LLC we will save on taxes and we'll also be more protected if we ever get sued. I will still get 50% of the profit we make, but I won't be listed as a legal owner of the business on paper.

My concern is that this gives him the power to cut me out if our product gets really big. I don't think he would ever do that because he's a good friend, but you never know.

What is the best approach in setting up a 50/50 company with my co-founder?