First, big disclaimer: this post is to be read as my personal experience, and though it makes broad generalizations, I hope I don't offend anyone as I pretty much know there are exceptions here.
The problem you're having here is twofold:
1 - You want a business partner, and your partner isn't a BUSINESS partner. He's just a skilled artist, and luckily enough, he seems like he's got enough love for the project to actually invest time (free) into this because he believes. From the looks of it, he also delivers. I agree the guy likely needs his share of the revenues on this, but naturally extending that to calling the shots and being responsible for the business would be stretching it, and likely bring him in a direction he doesn't want to go. Sadly, most artists I've known fit that mold rather well: commitment issues, don't want to do the paperwork, they just want to create things. Has he actually ever mentioned he wanted to be a business owner? or has he only expressed that he'd like equity in the project?
2 - You want a business partner, because you can't take all of the business matters in your own hands. Naturally, you've turned to him as he's already invested in the project, but his interests do not necessary align with your needs.
My advice would be as follows:
- Consider giving him shares if you trust his judgment and can't make it without him, but you more than likely need to reduce his shares as he's not actually interested in the upstairs management role.
- Consider actually hiring a producer / project manager or coordinator. In my experience, coordinators are the lowest echelon of management and they're really fetchers: they insure that the things that need to happen do at the project level, so sending out e-mails, walking over to the guy, making spreadsheet lists and crossing off items, this is what they're in for, and this is generally good for a junior too, so you can cut on expanses there as well. This would free you some time to either focus on the business aspect or the project itself. Chances are you've already got your hands full with incorporation, PR, finances, etc.
- If necessary, consider outsourcing some of the work to business experts. Accountants don't come cheaply, but up to now, every penny invested in an accountant for my business has saved at least 2, so if you put it that way, they're the most valuable resource you have as a business owner.
- Consider your relationship with the artist on a project-basis. He wants equity for his work? perhaps you can arrange for him to get some rev-share on the project itself, through contracts, without actually have him invested in the organization as a founder. These are two radically different things and they're worth delving into. If you promise rev-share, all you have is a contract between your business and him which stipulates he gets a % of sales based off certain criteria (I would suggest a share of profits as it helps your business cover expanses first and only split what remains). Ownership of the company, on the other end, comes with a number of aggravations such as income tax regulations (at least here it does), responsibilities, etc. Doesn't seem like he's into 'that' so maybe you're best off as a sole proprietor, or might be looking for a different partner.
Don't hesitate to let me know if I missed any point though.