Thanks Graham for you answer, really appreciate it. I have been looking at templates but figuring out how to vest actual stocks and not stock options.
Neil Licht: in regards to your response, If i had the money I would pay for the talent, but I wasted my money on incompetent developers overseas and learned a valuable lesson. I prefer to retain as much equity as possible, but instead looking for potential partners who would help make my vision a reality.
Any company that is starting out doesn't pay themselves or their partners until they get some investment or has launched and making some profit. Hence the reason Entrepreneurs bootstrap as much as possible and find like minded people to join them to create something great. They take the RISK knowing they can contribute to making company and themselves successful and if it fails they have the experience. so even The best of the best if they believe in the concept and wants to partner in some entrepreneur's project that is up to them based on if they believe in it and want to be part of it.
You can't assume that I or some other start-up are just wanting free work, instead its more of building a team and making sure they are well taken care of, and if it succeeds they are well financially taken care of. That's one of the points of a startup to be able to build a team that can eventually grow into a big company.