[mickeyM]

Wow, thanks a lot! I'm not sure how our country's law would look at this argument, I think it will be unclear and depend on the judge's decision, but it's definitely something that could bring Jim to senses - after all, he's got more to lose than I do. Thanks again!

[mch82]

Keep in mind that while 40% equity means you get 40% of dividends, it also means you’re on the hook for 40% of losses (or of the minimum annual tax bill if your company has no profit).

So retaining your equity may not be free.

[mickeyM]

Good point. It's definitely something I'll consider. I guess in case I retain some equity, it would be sort of an agreement that I'll receive XY % in case the company is sold, so technically I wouldn't have a stake in the company & be responsible for the tax stuff