BIG trouble...HELP!

Discussion in 'Growing and Managing a Business' started by bc18, Dec 12, 2011.

  1. bc18

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    Dec 12, 2011
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    Well.. business 101: SIGN A CONTRACT.. right?

    That's not how my relationship is going. Don't get me wrong, I have a good personal relationship with my business partner, but isn't this unheard of? I didn't know this person beforehand so this is not the classic "he and were friends so we decided to start a business".

    I little more info: I'm helping build a business that is 90% internet-based right now and I am performing 90% of the technical work...there is a branding and relationship-building side to the business which the other guy deals with.. I do a little but it's mostly his arena.

    There's another team member that is part of this but he doesn't seem to have any issue. I apologize for rambling but I guess I'm a bit flustered. I guess I don't trust him 100% and I can't go by his word alone without a contract.. I mean, that's just good business sense right? He says we're in a whole other ball game if we're just trusting each other and he says he doesn't want to shaft me or my other teammates..I get that, but what happens should I get sick and die (worst case scenario)... how is my wife guaranteed ownership of the business without a contract?? I have him recorded saying I (me) "own part of the business".. but I couldn't get him to say a percent or actually sit down and write a contract for the whole team involved..he took it as a personal offense.

    I have around $115,000 in sweat equity (at a "normal contract rate" for a web developer of my experience of $65/hr) over the past year (and some months) but I can't be guaranteed that back at all, which I understand is the risk people take when starting a business... but what if I'm "kicked" off the team before money is generated? Legally the company would not be obligated to owe me ANYTHING..right?

    I've been listening to business talks and have been in marketing but this is different for me. Is this normal? It's what used to happen 100 years ago I get it, but these are different times. Am I wrong?

    Legally since I have a recording of him saying I own part of the business (and not just a paraphrase taken out of context) would that stand up in court later? Certainly it could be against the law to record someone without their knowledge, but this is for my records currently... I won't be sharing audio, sorry!

    I will continue to record my time and days spent on this business/project and hopefully it will be something of use should I need to take drastic measures.

    So.. help and/or direction would be appreciated. Thanks for reading my long-winded problem.

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