Ask HN: About to take on a partner, what to be aware of?

I'm currently structured as an LLC, and my prospective partner is also structured as an LLC. We are planning to combine our intillectual property into one entity. Whether we create a third entity or whether one of us joins as partner to the others existing entity is yet to be decided.<p>What are some things to be aware of? It is my intent to remain the majority share holder, but not by a large percent. We also may want to take on some investment capital, so it will probably be easier to do with a C corp, but I am no expert in that area. Investment capital is not a big priority, we need very little of it, if at all. We may want to take on a 3rd partner as well.