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Idk - but a startup is risky. I was asked to work for an attorney who was leaving my firm and starting his own firm. I told him I would not be able to leave my position if I weren’t getting a percentage of the business, just in case it wasn’t 100% successful.
EA1 - Smart.
I think this depends on your market somewhat and what duties are included in the "PA" side, as well as what your work/life balance is going to look like. I agree with EA1 - be careful with a startup; get everything in writing; try to find out something about the COO as a person from other who may have worked with him/her.