Write a solid term sheet if you’re going to go through with it. Examples of shenanigans that can be pulled that a term sheet would address:

* With an even split, in theory any two employees could declare a 200k dividend and walk away with 50k in pocket on day one.

* Similarly, the CEO and chairman could decide to oust you if things start going well since they own half the company.

* Where’s the stock pool for potential future employees? Does the equity stake you/other founding members get have a vesting period so they have incentive to stick it out?

There’s more but you get the idea.