How much equity would you demand from founders for an investment of $120k.
Assuming you want to create a standard deal that you will exercise upon all incoming founders?
Also, potential founders how much equity are you willing to give up?
Without more specifics (like your previsional results and your market and how your're positionned and...), I would say that your business is not worth a lot. Let's say $10k.
If I give you $120k, it means that I would own 92% of your company... that wouldn't have any sense as I'm "just" an investor, not the business owner.
Actually, as an angel, I wouldn't take more than 20% of your equity... but I would give you maybe 5-10% of the money because of risks. So I would only give you $120k if your company is worth at least $1.2M (and ask for 20% of the equity, so $240k)
But I'm not an angel...
The main questions is: Can the team you're investing in build a big valuable company?