@Eric Michaels   was their a PPM offering document that spelled out what the BP could do or not do.or is this a LLC with them as managing member and all you  investors as members.If its the later I ran into a company that sounds a lot like this.. and when I queried how many members could be in the LLC they obviously did not know and said 100 if they wanted to.Well this is simply not correct you have security issues here ..

Florida Chapter 475 spells out legal requirements.

Condos spell check.

It spells out the financial terms of your offer without sending them a multipage contract. 

My advice, make sure the roles are clearly spelled out in an agreement that is signed by all parties involved.  

Acquire an entrepreneurial mindset first and you'll do much better in the long run.Yes - "entrepreneur" is a PITA to spell.

I had to do that when i  started in the State a Year ago...Building a team I can trust  in the Cities I work in  had to be no I for me...Love my teams have visited most of them by now and am so happy with my choices  some are well on the way to becoming life long friends..ps even with spell check hate typing  love chatting and meeting new people

And make sure no one has reason to think you're being a smaht alec (and yes, that is the proper spelling in Boston).

Get him to be specific and spell out what is an extra and what isn't.

A handshake might be an agreement, but it doesn't spell out the promises made to one another.