Personally, I'd prefer having my own site because not only am I particular about how my work is portrayed, I want to be in charge of my own destiny. Granted, I am more of an administrator than an artist/content producer, so your viewpoint might not match up with mine. If your friend is more interested in running the business then you can combine to run a good business. My boss did everything himself and just had me around to handle the computer stuff that he didn't understand.
Would you shoot me?