This may sound like a bad idea but please hold judgement...
Myself and three other individuals are going to make an angel investment in a start-up company that doesn't actually exist yet (isn't an official entity like llc or s-corp yet but will be soon). In return we will receive 49% equity in that soon to be legally structured business entity.
We need to write up an LOI so we can stop the entrepreneur from further shopping the deal. Does anyone know where I can get a good sample LOI for an investment like this? Can we execute an LOI before the business is an actual entity? Thanks.