We're a startup that is made up of 4 students. 3 graduated and 1 in his final year. One has taken a job for 4 days a week and is willing to work on our projects the other 3 days. So we have 2 full-time people. We have one main project that we have used to win a global competition with (microsoft imagine cup). We plan to finish this project by re-creating components and selling them SaaS.
We recently had a guy volunteer to be our Managing director, he helped us get the company legal, registered, etc. He is now finding us a place to stay and getting us projects on the side to work on. He has managing roles in 2 other companies and has his own 1 man show. How do we handle someone like him? What role is he playing? He says he only needs a commission of the projects we get, and in the future, we can give him a percentage of the company when we start selling our products if we want to.
He is also recruiting 3 other part-time programmers/designers to work with us. How do we handle these new guys? How do we pay them without tax affecting us? We have no money yet.
We also have a lawyer who is willing to help us for free. He said he will handle shareholder agreement and other contracts. What should we look out from this law firm?
ps. The company started with 2000 shares, each of the founders has 500.