I should probably step back from what I said earlier and stress that there's not one canonical set of 'standard terms' - there's just terms that are typical and terms that are rarely or never seen. Unless there's a compelling reason, I'd keep things typical.
I'd also Google and read up on convertible debt, which might be a good option. There are pros and cons to convertible debt, but the associated legal costs of doing convertible debt are generally lower, so a big chunk of the money you're investing won't immediately get eaten up by lawyers. You can't avoid legal bills - whatever route you take, the company will need a lawyer with relevant experience. But you can minimize the cost.
http://www.gabrielweinberg.com/blog/2010/06/how-to-learn-abo...
I should probably step back from what I said earlier and stress that there's not one canonical set of 'standard terms' - there's just terms that are typical and terms that are rarely or never seen. Unless there's a compelling reason, I'd keep things typical.
I'd also Google and read up on convertible debt, which might be a good option. There are pros and cons to convertible debt, but the associated legal costs of doing convertible debt are generally lower, so a big chunk of the money you're investing won't immediately get eaten up by lawyers. You can't avoid legal bills - whatever route you take, the company will need a lawyer with relevant experience. But you can minimize the cost.