Catching up on Founder’s agreement

Myself and 4 other people started an events and marketing operation over the past 6 months. It has since become rather successful in terms of opportunity and future potential, while costing us very little. Early on I created an LLC with the other person that originated the idea so that we could begin protecting the brand. I’m at the point where I’m drafting a Founders’ document to protect the other parties involved and I feel like I’m falling down an endless rabbit hole of research about what to do.

I’m seeing that it’s unfavorable to have more than 3 actual founders based on future investors potentially frowning on it, as well as leadership strength. As far as the absolute origination of this endeavor, it can be limited to 3 of us, but the remaining two have also been integral in our success from almost the beginning.

Of course we have no means to provide salaries, and none of us expect salaries, but on a document level what is the best course of action to record that 5 individuals are running this company and we are doing so purely off of an equity share for the time being? Additionally, for a non-founder what document would I be drafting and having them sign for what is basically an employee only “paid” via equity/ownership share?

submitted by /u/Chromagon
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