During the AFD era, the band was a legal partnership and all income was allocated to the band members according to their respective percentages (could be wrong, but I recall Axl having the highest percentage at 41%).
I believe that now all income earned by the current incarnation of Guns N' Roses belongs to Axl (which so far has only been touring income since they haven't released anything yet). 2 possibilities with respect to the rest of the band: (1) they're paid wages according to their employment contracts or (2) they're paid as independent contractors according to service contracts.
I remember reading something along the lines of option nr 2 you mentioned there. Can't rememberd the details though...