Two of us came together to work on an idea for a web startup. We end up killing the initial product and a third person joined. A new product is built and launched.
It happens that I'm the technical cofounder and coded 80-100 hr/week building the product. The other two handle marketing and running the company but dont seem to be doing any real work, goes on trips and does not work on weekends.
We have neither incorporated the company nor had any formal legal agreements, just a casual agreement of 33% equity each.
Would you be concerned under such a situation, and what measures will you take to protect yourselves if your other cofounders are more involved in their marriage and daytime job?