50% of something is better than 100% of none of it. Sure, the photographer's doing the heavy lifting, but for profit he wouldn't make otherwise. Actually, if you consider it, this is where a photographer ought to be working on the business as a business instead of having the business be more like a job, so there isn't any heavy lifting.
In terms of legal entity, a partnership, no, I wouldn't do that. A joint venture? Absolutely would consider that.
Why does it have to be 50/50 ?