> the consultant would rather be paid in e.g. a year than hold on to equity Debt and equity are effectively the same thing with different pricing. Either way,

> the consultant would rather be paid in e.g. a year than hold on to equity Debt and equity are effectively the same thing with different pricing. Either way, you'd be investing in a completely unproven venture with no customers and no investors. Even for seasoned professionals, investing in a company like that is considered setting money on fire. So I'll just reiterate that you should do this project if you want to, but consider the compensation to be $0 because (short of a miracle) that's what it is.