Each team can issue its equities. Amount, which can be used for issue, depends on value of your property. You can issue not more than 1000 equities. For second issue on greater amount you will have to have all 1000 equities from 1st issue in your ownership.
You can sell any equities from you ownership, it doesnt matter whether it is equity of your own team or not. Usually managers sell the equities to meet the debts and make their accounts positive. You get a feature of equity selling only when experience of your team is not less than 45.
You can buy the equities of other teams, only if the experience of your own team is greater than 45.
Dividend are being paid next way: For example, team A has 350 (35%) equities of team B. When the Balance time comes, the 35% of amount, which is placed on the account of team B before payment of expenses, is being transferred to the account of team A. It means that dividend payments happen before payment of expenses. If balance of team B is negative then you will get a dividend payment. If team A is being disbanded then team B has to buy (redeem) its equities, even if team B doesnt have money for this (it will be done on credit).