Legal Question

Discussion in 'Legal and HR' started by Arcaign, May 25, 2012.

  1. Arcaign

    Arcaign
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    Hello All

    I'm in need of some sounds advice in order for me to consider next steps.

    I am a 50% owner of a startup company that hasn't really done much as of yet primarily due to the lack of funds to take us to where we need to go. This company is my brain child and since its creation, I feel that I have been carrying my partner who up to this point has been the financial backer, investing less than $10,000. While the finds are appreciated, I have been the one putting the business together from concept to launch including product and web design seeking customers etc.

    Here's the catch... I live in Canada and my partner lives in the USA and I feel that I really don't know what is going on over there but get the impression that not much of anything is happening which leads me to wonder exactly what is his value in this company? We are incorporated in the states and our business name is registered. Apparently there are trademarks in place which unfortunately I cannot be 100% sure of (yes I know, it pains me to admit that).

    My question is this... With me living in Canada and having 50% ownership of the company, can I cut him out of the loop and incorporate/operate the business here and if so could I be facing legal ramifications? Also, as I am the principal designer for our products, could I continue to offer them under the same branded name?

    Oh, I should mention that there is no formal partnership contract in place (yes I know!) just a couple friends who decided to turn a hobby into a business.

    Any advice would certainly be appreciated.
     

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