Business Contracts Investor vs. Ownership

[lidisuki]

I started a company (corporation) a year ago. Initially, a family friend helped me with the investment. He deposited some money into my business account and made charges for my business on his personal credit card. He also worked for the business and get paid. Anyhow, all his investment had been paid. Now, he opens his own company and wants me to pay him 50% of the profit. Am I entitled to pay him? We never had any written contract and I'm the only managing member when the corporation was incorporated.

 

[army judge]

If it wasn't in writing, it never happened.


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[lidisuki]

There's one time where he signed an agreement with a vendor and he put his title as "co-owner". He then emailed that contract to the vendor. Does that count? I mean, can he use that and fight with me in court stating that he should entitled to the 50% because of that?

 

[army judge]

There's one time where he signed an agreement with a vendor and he put his title as "co-owner". He then emailed that contract to the vendor. Does that count? I mean, can he use that and fight with me in court stating that he should entitled to the 50% because of that?

I am unable to predict what others might or could do.

That said, if that's all he's got, he ain't got much.

Relax, whatever will happen, will happen.

When IT happens, deal with it!

For the most part, life sucks!!!