I've been working with a friend's startup for about six months now. We have minimal revenue thus far, but things look to be on the brink of coming through. My role with the company has yet to be completely formalized, but I'm having the conversation with him later this week. I am the only employee working on the project in the US, and thus am responsible for all the business development. I have no idea what to expect/request in negotiating with him. I've been putting in approximately 30 hours a week (in addition to my regular full-time job and another part-time job that helps pay bills).
A) Should I negotiate for equity in the company? I think yes, as he mentioned me being a "member of the founding team." If so, what is a reasonable percentage? There are currently two full-time and two part-time employees working on the project. None of us are on salary, or even hourly at this point. B) Should I negotiate for a percentage of contracts that I arrange? If so, what is an appropriate percentage? C) Is a hybrid approach best?
Being as he's a friend, I don't think he's looking to screw me over, and I'm not looking to do the same to him. But I'm putting in a lot of effort into this project in a variety of ways. How do I take care of myself while still growing the company?
Any and all input is appreciated!