I'm Contractor 0, now being offered equity--in an LLC. Can this work?
russell: THEY ask a lawyer, because they are probably the ones violating securities law. IANAL. A possible framework is for them to grant you x,000 options that you accrue on some basis.  You reduce your rate, because you are part of the team.  I am not sure you can buy stock or options at your leisure because you probably are not a qualified investor.