I was recently approached to become a partner of a new website that is nearly finished being built. I am not a programmer. I have not invested any money nor am I expected to spend any money to fund any part of the project including future web design, marketing, payroll, etc. Basically, the two existing partners want me to come on to build up the site, launch it, run it - in other words, I would be responsible for EVERYTHING.
They want to compensate me with a share of the profits and NO pay. As most of you know, a business is likely to not be profitable for a long time especially if its on the web. I'm assuming that "profits" is to mean money after all expenses have been paid but this is something that must be defined. I would also need to clarify if the share of the profits would be in perpetuity.
Can anyone provide any insight into this situation and what share or percentage of the business or profits would be business standard? Thank you.