Starting a Business

[jbcjr14]

If you have nothing in writing about a partnership, I would say you have about 90% of the battle won. The issue is what state you reside and if verbal contracts constitute a legal binding agreement. I am not an attorney, but did sleep at a Holiday Inn last evening. Maybe one of the legal warpathers can comment to this regard.

[JoeRedskin]

Originally Posted by jbcjr14

If you have nothing in writing about a partnership, I would say you have about 90% of the battle won. The issue is what state you reside and if verbal contracts constitute a legal binding agreement. I am not an attorney, but did sleep at a Holiday Inn last evening. Maybe one of the legal warpathers can comment to this regard.

Verbal contracts are binding in every state. The issue with verbal contracts, as opposed to written, is proof of the terms - it is easier to prove the terms of a written contract than an oral contract. It is up to the person asserting a term to prove the term existed.

[saden1]

Just to give you guys an update...

I talked to the lawyer and he instructed me to send out an email that calls a mandatory meeting in which meeting attendance is explicitly tied to equity stake in the company. Basically, partners that don't show up forfeit their stake and the partner I was having an issue with didn't show up thus firing himself and relinquishing current and future stake in the company.

The best thing that could happen happened and now we can move on without him.

[firstdown]

Good to hear.

[jbcjr14]

That is good to hear. Good luck in the new venture!