Corporate Law Business with no direction

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upforgrabs

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Hi,

In early 2006, my employer approached me with the idea of starting a new business that would be separate from my employer's business, but provides goods and services to his business (Essentially, taking the new business' goods and services and supplying those to his company and others similar to).

I had developed a good relationship with my employer and developed a lot of trust that the new business was in my best interests for my long term future. So, I agreed to proceed with the new venture without getting critical aspects of the new business in writing with an attorney. I repeatedly was told that if I chose not to be involved, the new business would not move forward. I was also asked if I would leave the organization if I were to encounter other job or business opportunities, which I replied "No". I was told that we would be "Partners" and that I would be issued shares, and so on.

Needless to say, but I now feel like a sucker! The Articles of Incorporation were filed in 2006 (I am the Registered Agent), equipment has been purchased, and the business is operating. However, my position as a "partner" in this business has yet to be defined. My role is to develop new business, but I have a hard time with doing so, not knowing what this business can potentially do for my future. Now I feel as if my "job" is in jeopardy as apposed to actually being a partner....If I am going to receive "Partner status" or shares through sales efforts, I have no idea what that golden sales number is supposed to be. Not to mention, I have no prior sales experience and basically volunteered those efforts, with the understanding that it would take a significant amount of time to develop. I can't perform miracles!!

No shares have been issued and I did not invest any personal money into this venture. Do I have any legal ground to stand on? I verbally committed to this and am getting nothing in return. I have coincidentally turned down other opportunities because I believed in this venture, and so on. I now feel like the enemy when all I did was say "Yes".

Please help!
 
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What is the dollar amount of your damages?
 
Dollar Amount

Hi seniorjudge,

As stated in my original post, I did not invest any personal money into this venture. However, I turned down a job offer for $70,000/Yr (Higher salary and much shorter commute) to pursue what I thought would be the better "long term opportunity". I suppose that this is the risk one takes in something like this. At the time of that job offer though, the new business was still in the earlier stages and I wouldn't have fully expected to have every aspect in writing, at that particular point.

I won't even go into the emotional disaster this has turned out to be for me.

I simply don't undestand how someone can promise the world to someone and then completely ignore everything said when it becomes reality, and do so without consequence.
 
No damages, no case.
 
Does this help?

Judge,

I did find the section below on the State of Illinois website...This is part of my issue. Does the Business Corporation Act help me any?

(b) Each corporation, domestic or foreign, that fails or refuses to file a report of issuance of shares or increase in paid‑in capital within the time prescribed by this Act is subject to a penalty on any obligation occurring prior to January 1, 1991, and interest on those obligations on or after January 1, 1991, for each calendar month or part of month that it is delinquent in the amount of 1% of the amount of license fees and franchise taxes provided by this Act to be paid on account of the issuance of shares or increase in paid‑in capital.
 
Give the Illinois SOS a call to see what they say.
 
OY!!

I think this site may be one big circle jerk!! I'm reading a lot of people's posts and the people that reply are generally saying along the lines of "You need to call the such and such office" or "You need to contact an attorney immediately" REALLY??!!?? That's some really solid advice!!

I also get a kick out of this one that says "Forum posts are not legal advice"- This society has gotten so out of control with the "Elite status", "Bling-bling", dollar bills, and "Covering your behind" while your at it- It is amazing!!! I am going to sue everyone for what they write on the computer, because it is making my head hurt and that's it.

I'm a throw back kind of cat- I wish I was back in time where a handshake had meaning, Uncle Bob worked at the mill for 47 years and retired happy with the wife, Judy. Nobody judged you based on your income and huge house and fancy cars and fancy this and fancy that, and wife with all kinds of plastic surgery.

Anyways- I think this is meaningless and appreciate all the help you are giving me. :yes:
 
...

I think this site may be one big circle jerk!! I'm reading a lot of people's posts and the people that reply are generally saying along the lines of "You need to call the such and such office" or "You need to contact an attorney immediately" REALLY??!!?? That's some really solid advice!!

....

Sometimes, that is the best advice possible.
 
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