How would one approach equity and revenue sharing when you have the opportunity to join in on a startup? As I understand it, equity does not necessarily mean dividends/revenue share. If dividends in a small business is a slice of the monthly income after expenses, how do you set conditions for when the business starts paying out? In my first business I joined in as a partner, I have the minority share of the business but we discussed that all three of us take out the same salary, which we don't have on paper, but discussed prior to going into business together.
I'm completely clueless in this area and any insight/advice would be great.