I was lucky and no project started yet, just ideas. He's shown me a company overview for his current freelance business to extend a business loan from his bank. Financial forecast. He just needed some feedback if it's well presented. There I saw he added me as headcount ("hope you don't mind") but also way overpromised on revenue of his existing projects, future client projects (not even started in reality) and overdue invoices (where it was clear the client would never pay). It was 80% smoke and mirrors. It was then I decided I wouldn't work with him in the future. Sometime later I heard he had to file for bankrupcy. A new startup would've been disasterous in my opinion.