My point is that local start-ups are misrepresenting share options as "stock" in the company, telling me I have ownership when in fact I do not.

And they use this notion that I am a "owner" to extract far more then the 40 hours per week I'm contracted to do (it's "start-up culture" after all). I like the work and problems that start-up's tend to focus on, but the way it gets represented here is a joke to professionals.