I am currently the only employee at my company. I'm an engineer and have been working here for about 9 months. I have a good business relationship with the boss.
I'm working for very low wages (less than half of starting engineer) but to make up for it I am supposed to get bonus on the profits we make. When/if this company takes off this could be a good deal as long as nothing goes wrong. As of now, nothing about this bonus is in writing.
That's why i am here because I am wondering what exactly I should ask to get in writing. should I just get a contract where I collect a certain % of the profits?
what if i work here for 2 years then the company takes off and I just get fired? all that work for low wages for nothing.
Or should I also ask to own a small part of the business? if so, how much of the business should i ask for?
I have no money to invest, my boss has all the capital. he has been running this company for 10+ years. i am only investing by accepting low wages. but i have helped take a business that was losing a lot of money very fast and i help fixed the problems. we are now at the point where we aren't losing but aren't taking off yet. and I definitely see this company taking off soon. I have proven to be the only engineer he can trust so far so he definitely wouldn't want to see me work elsewhere knowing i can make higher wages. but i don't want to waste my time, i need a deal that will make it worth my while. any advice would be appreciated
should I propose:
1) contract for bonus salary
or
2) contract AND ownership/partnership/?
I'm working for very low wages (less than half of starting engineer) but to make up for it I am supposed to get bonus on the profits we make. When/if this company takes off this could be a good deal as long as nothing goes wrong. As of now, nothing about this bonus is in writing.
That's why i am here because I am wondering what exactly I should ask to get in writing. should I just get a contract where I collect a certain % of the profits?
what if i work here for 2 years then the company takes off and I just get fired? all that work for low wages for nothing.
Or should I also ask to own a small part of the business? if so, how much of the business should i ask for?
I have no money to invest, my boss has all the capital. he has been running this company for 10+ years. i am only investing by accepting low wages. but i have helped take a business that was losing a lot of money very fast and i help fixed the problems. we are now at the point where we aren't losing but aren't taking off yet. and I definitely see this company taking off soon. I have proven to be the only engineer he can trust so far so he definitely wouldn't want to see me work elsewhere knowing i can make higher wages. but i don't want to waste my time, i need a deal that will make it worth my while. any advice would be appreciated
should I propose:
1) contract for bonus salary
or
2) contract AND ownership/partnership/?