It has been around for a while, but I found a pretty easy to explain tutorial on how you can give an iPhone app to another registered iPhone developer (without giving them the source) AND not using an adhoc distribution profile (which personally I think is a huge brainf$@k and very limiting).

To sum it up all it involves is resigning the binary with your own certificate. Hopefully this will not work on apps on the AppStore (not that it matters anyway as most of the apps get cracked within minutes/seconds anyway).

Anyway the link is here. Enjoy!

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