Advice Please: Going Into Business With A Friend, But No Partnership Contract Yet. Friend Seems To Be Stalling.

Just looking for some opinions and insight from anyone with relevant legal experience. As the title says my friend of many years is starting a business and she wanted me to partner with her, so we had a lot of really honest, serious discussions about it over many months and finally I said yes. She offered me equity in the company, profit sharing and I would be on of two (the other being her) major decision makers in the business.

I put in my notice at work and have started helping her conceptualize and plan the business. However that was nearly 2 months ago and I still don't have a written partnership contract. She says that my contract cannot be written up until the project is fully funded, but it seems possible/even likely that the business may open without being fully funded, and therefore I would be working there without the partnership I am leaving my current job for in the first place. The thought of doing that is NOT appealing to me in the slightest and would put me in an extremely vulnerable position.

I trust my friend, I believe she is a good, honest, decent person, but I know that money can make people do things they may not otherwise be capable of.

Does any of this sound fishy to the lawyers here? Should I be concerned?

Please help.