I'm being offered 2% ownership of a company as an additional benefit to accept employment at a company (on top of wages). In the contract it says I'll own 2% while my employment lasts.
I have no idea what this means. Would that make me liable if the company makes a loss? The way I've been sold it by the owner is: I'll get 2% of all profit. How would I know if they made a profit, and how much it is?
I know this forum isn't for legal advice, I'm more curious what the common understanding of this is; I'm imagining this is common practice?
I'm in Australia in case that matters.