It depends on where you live but verbal contracts are enforceable but very hard to enforce. Having done some business deals that were with honest guys that went

It depends on where you live but verbal contracts are enforceable but very hard to enforce. Having done some business deals that were with honest guys that went south after differing opinions ruined the company I can attest to the fact that you need a contract. Get the contract reviewed by a lawyer. I know that lawyers are costly but look at it this way if you were buying a used car you would do some due diligence and take it to an independent mechanic to review and make sure that you were not getting a lemon. The way I look at contracts now is you and the company are being held to certain standards. The company promises that they will pay you x shares or x dollars and you promise that you will work for the company for a certain number of years to be fully vested.