Am confused

Am so confused right now. I don't know what to do. I started up my own modeling agency label and it was moving on well we been dping photoshoots with my models and posting them on social media and We got a deal of making an advert with some company but the deal wasn't done since my agency wasn't registered so I was told to register it first since I had no funds to register it then I told our family friend today he accepted to help me register it but he told me if he register it then I have to sign a article memorandum of association whereby he asked me that he needs 70% shares in the agency which I started with my very little savings. Is this right. Should I accept and sign the papers so that he helps me to register my agency. Is this the right thing for me to do. Should I accept before they use another agency.what does it mean for someone to having 70% in the company.