The more I've read about him, the more I believe that James Altucher is doing some sort of marketing/PR experiment, a la Andy Kaufman. I believe he's a liar and I don't trust him. I think he's a kind of art-punk troll who might even be manipulative on purpose. Even taking his story at face value, I'm not sure why people would give him any kind of credibility. His own story states he made a few million lying and kissing ass on Wall Street, which is NOT a note of distinction.

This cheatsheet is ridiculous. There is no one-size-fits-all prescription. For example, IANAL but I was told by council that incorporating in Delaware means that you'll have to travel to Delaware to litigate.

Splitting equity equally with the guy with the idea? I AM an idea guy, even I have to say that's crazy. An idea without execution isn't worth anything except maybe a clever throw-away side-plot in a Neil Stephenson science-fiction story. (Although if you think differently, please contact me through my profile.)

Honestly, if you're going to take advice from someone you want to take advice from someone with a great reputation as a smart, successful, honest, and generous entrepreneur or investor. Along those lines I think DHH has done a great job (bootstrapping FTW), although I think he tends to underestimate his luck with timing. Fred Wilson has also done a great job with his excellent blog, avc.com. Warren Buffet, although not really an entrepreneur, has talked unwaveringly about sound business principles for 50 year - and he has the knack of making it sound like common sense.

Take Altucher with a big grain of salt, is all I'm sayin'.