Originally when first talking about the company myself, and the 2 other cofounders.. at the time decided to do a split on equity.
Now, we're about a 1.5-2 months in and the other two cofounders think we shouldn't assign any formal 'titles' yet or any 'equity' as far as the three of us stand because they see it as just a 'project', which in all honesty it still is until we can get funding.
Their reasoning: since we're just a project saying "oh you get xx% and you get xx% and you get xx%" is pointless if we 1) dont even have investing yet and 2) are just beginning development of this product.
is this the right way to go about this or is it better to have in a formal, signed contract exactly how much equity we each get? The one cofounder who I work day and day out with says he promises when the product is built atleast at a beta stage and we get investing that "i'll get taken care of, financially"(I'm the developer).
Is this risky on my part and should I have something formal?