I am not a financial advisor or legal expert, but I can provide some general guidance on how you could potentially structure the finances and pay for your two-person podcast. It's important to consult with a professional accountant or attorney who can provide personalized advice based on your specific situation and local laws.

1. Registering as a Business Entity:
Consider registering your podcast as a legal business entity, such as a Limited Liability Company (LLC). This can provide liability protection and separate your personal and business finances. Consult with an attorney to determine the best option for your circumstances.

2. Tax Considerations:
As you mentioned, setting aside a portion of your earnings for taxes is a good practice. However, tax laws vary by jurisdiction, so it's crucial to consult with a tax professional to ensure compliance. They can help you understand the specific tax obligations for your podcast and guide you on estimated tax payments, deductions, and other relevant factors.

3. Payment Structure:
A 50/50 split is a common arrangement for co-hosts, but you can structure it in different ways based on your preferences and agreements. Here are a couple of options:

   a. Partnership Model:
   In this model, both you and your co-host would be considered equal partners in the business. The podcast's earnings would be shared equally, and you would both be responsible for the associated taxes. Consult with an attorney to draft a partnership agreement that outlines the responsibilities, profit sharing, decision-making, and potential exit strategies.

   b. Employer-Contractor Model:
   Another option is to hire your co-host as an independent contractor. In this case, you would pay your co-host based on a mutually agreed rate or percentage. You would issue them a 1099-MISC form at the end of the year, and they would be responsible for their own taxes. However, keep in mind that misclassifying workers can have legal and financial consequences, so consult with an attorney or accountant to ensure compliance with labor laws in your jurisdiction.

4. Accounting and Record-Keeping:
Maintain accurate records of your podcast's income and expenses. Consider using accounting software or hiring an accountant to help you manage your finances effectively. Proper record-keeping will be essential for tax reporting, financial analysis, and potential audits.

Remember, the information provided here is general in nature and should not be considered as legal or financial advice. It's crucial to consult with professionals who can provide guidance tailored to your specific circumstances and local regulations.