Never look for a partner when you are doing things like that, especially when you're planning it to work only on Internet.
Money can change people, and if you start earning he could run away with the money. Or even sell it, so unless you're 100% sure in that person. Which I highly doubt, without contract. He can fuck you over.
Web Hosting companies that work only over Internet in most of the cases fail. I'm talking about companies that are made by people who are in "warez webmastering world".
Main reason why they fail is not because they have only one server. You need to start with something that's true. But you need to invest too, without investing you will fail.
Neither one of the so called companies on WJunction have professional website, professional support, phone support, and everything else that web hosting company should have.
And not to talk about security because everyone here is an 'Server Security Expert'. Or, his servers are 'DDoS Protected'. Just marketing bullshit.
When you want to start a company you need to have money. I would never buy anything from those 'companies' who thinks that their site is professional just because they have WHMCS. Which sucks unless you modify it. All big companies have their own software not because they have no money for WHMCS. It's because they want simplicity, and WHMCS isn't simplicity at all. Too much options that aren't needed for some regular Internet user, or any other customer.
Funny thing is that everyone here think that his 'company' will become famous even though his site is powered by Joomla, or some premium template that he downloaded from ScriptMafia. Support responses every 10,15,20 hours.
Web Hosting business isn't for kids really, neither for those who don't want to invest.