Hi Louthguy
I second newtothis's caution about owning 1/3rd of a company.
If you do go ahead, then you need a very carefully written and comprehensive shareholders' agreement.
This will specify how profits are to be calculated e.g. the salaries of the executive shareholders are key to this. It will also specify how profits are to be distributed.
If you are paid a salary, it will probably be subject to employers' PRSI of 10.75% unless you are classified as a proprietary director.
The best way to run a small company is to set the salaries at a level which eliminates profits and so no Corporation Tax is paid.
However, I am not sure how you would incorporate this into a shareholders' agreement.
Brendan