First, I have no legal training, the following is barely-educated opinion.
Having a partner doesn't really change liability. A general partnership is the worst, as you can both be held jointly and severally liable for everything.
If you're concerned about getting sued, get insurance. You can also incorporate with yourself as sole shareholder. Anyone else that buys shares are part owners, but if you own 51%, you have ultimate control.
If you want someone committed to helping run operations (more than an at-will employee), offer a long term bonus plan. If they have money to bring, you could offer them shares, but that does complicate paperwork a little when you have more than one shareholder.
If you think you are going to isolate yourself from debt, that is not likely, as most creditors will require a personal guarantee for a new corp.
Last edited by jgbreeden; 30th May 2013 at 04:14 PM.