I current own my own business and make quite a bit of profit. Well I am looking into other things and found some friends that have a good idea that I am interested in.
These friends only have the idea and want me to finance the whole thing. The would like me to provide my experience and advice to move the company forward but the friends would do all the work. I will do the incorporating and legal side of things but they will get the clients and run the business.
I will be providing all the financing, start-up legal paperwork, proving advice and bringing my experience and connections to the table. I don't want to do anything after that...but I want to make sure I am not pushed out once the business takes off or other financing comes in.
So the questions are:
Am I a cofounder or angel investor?
Is 51% of the company too much to ask for or should I ask for more?