I'm in the process of trying to establish my first startup. At the moment I'm working with a friend of mine on developing the idea, and we had already created a prototype for our product on a mobile device.
We are not satisfied with how we progress with our code and design, and so we would like to add a few more people to work with us on this project.
Me and my friend got an unwritten agreement of us splitting our shares 50/50, if a day comes and we become profitable.
For now we keep our day job, and we plan that it will stay this way for the next few months until we could show a concrete version to a VC and hopefully get some funding. Only then we could quit our day jobs, because now we just don't have the money to risk for this little adventure.
So we would like to progress as fast as possible and for that we need more people to work with us. We were thinking about adding 2-3 more people to work with us on our spare time, but we are not sure on which status we could add them. We can't pay any salaries, and to be honest I think that at this stage we will need people that will be as determined as we are for this project, and I'm not sure that people on pay will be the same. But I also don't think we can offer them shares without seeing how they progress, or if we get along and etc..
I also don't have the money to pay for fancy legal agreements and all kinds of lawyers services, and to be honest I think that if I'll start with all of these legal agreements I would never have the time to actually focus on the real product.
So how would you guys suggest approaching my friends? What should I offer them? Can our own agreements (with no lawyers support) suffice for this stage?
I know my question is a little complicated, but I hope some of you could still help me out. Every piece of information is crucial at this stage.