Switching from W-2 (401k match) to partner in a new small company — what should I be asking?

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If someone is potentially leaving a W-2 job with a 3% 401(k) match (balance is now over $1M) to become a partner in a new company with a handful of employees. The company is still being formed, so this is the window to structure things right before the paperwork is finalized.

What would you prioritize or ask about in this situation — both for the old 401(k) rollover and for setting up the new company’s retirement plan? They are hoping to stay on track to retire within 10 years and want to avoid tax mistakes or missed opportunities now, while things are still being set up.

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Switching from W-2 (401k match) to partner in a new small company — what should I be asking?