Re: "not plain English" - YC is BY FAR the most transparent and founder-friendly VC seed investor and goes to great lengths to educate founders.
This is as clear language as financings get in startup land.
If you're unwilling to learn basic terms and concepts of equity financings, than building a company using VC is probably not for you (which you seem to already know, given your "I'm interested in running a profitable business... and not owing anyone anything").
If, however, you have an idea that you think could be massive, and are therefore considering raising money from VC to get there faster, then you could start in no better place than YC.
This is as clear language as financings get in startup land.
If you're unwilling to learn basic terms and concepts of equity financings, than building a company using VC is probably not for you (which you seem to already know, given your "I'm interested in running a profitable business... and not owing anyone anything").
If, however, you have an idea that you think could be massive, and are therefore considering raising money from VC to get there faster, then you could start in no better place than YC.