Hi Rachel,
This post reminds me of a job I did for a friend a few years ago. It had a fully fledged business plan, and some money behind it. I was interested but unable to put my full energy behind it, since I was contracted part-time elsewhere. However, there was no contract between us, and I had no real input into the business. (My Bad, and I acknowledge that – a learning experience!) Needless to say, the whole thing fizzled with no marketing budget to speak of, and a lack of decent artwork for the products he was selling. I learnt a lot (new language and startup business experience) but it cost me a lot of time with no money heading in my direction at all. I don’t regret doing it – the knowledge has stood me in good stead since – but if I had the chance again, you can bet there would be a contract in there, and I would have some say in the company direction! So, basically, backing up what you’ve said above!
Cheers
Paul