upforgrabs
New Member
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!
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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