I'm a college student who is interning at a startup company. My job as an intern is to help redesign and launch an app, so that it runs on Android as well as iOS. When I signed up for the job I was told that I would be working with the CTO to help navigate the existing codebase so the app could be rewritten. There has been very little communication from him because he is long-distance however, so I basically rewrote and redesigned it from scratch. Me and another intern (who joined recently) have been doing basically all of the work.
A couple of weeks ago I asked my boss if she'd be willing to discuss paying us developers a share of the profits from the app since we're doing all the work; she said yes. Any advice/tips you think I should take into account would be much appreciated. For example, I've gathered these concerns/feedback so far:
- I should ask for percent equity instead of profit, to prevent her from jacking up the losses and avoiding paying us
- The other intern doesn't want to be bound to this job via a contract (he's thinking of leaving sometime within the next year)
- Should we insist on a permanent stake in the equity, or settle for a temporary (XXX-year) stake?
- What percentage of the equity would be reasonable to ask for?
Please feel free to answer these questions; also, what other concerns do you think I should flesh out while negotiating the agreement? Thanks. (Leave no stone unturned; I'm going for a compsci major, I know next to nothing about business/finance.)