Legal Question in Business Law in Georgia

Partnership shares in a company

Hi my problem is that we have been working at this since March and the business does generate some revenue but we've never filled out any agreements. He has the power to pay me because he and another gentlemen that is now not part of the picture put the money up front to start this business which is in my name. My skills are technical, I've developed the order management system and website and offer technical assistance and worked on my spare time on nights and weekends for nothing extra and I answer all calls and manage the entire office from 9-5 M-F, I earn $350 per week for those hours to cover minor bills. That's my contribution to the company. Now, the problem is that my partner and I are about to do an agreement and he proposed 10% me and 90% him. needless to say I declined, because I contributed as much as they have just not financially. What I'd like to speak with someone about is what should I demand? Does his financial contribution (''Was only around $4000'') initially give him the right to expect a 10/90 relationship with all I've done and with the business and all it's pressures being in my name? Though it's an incorporation if something goes wrong I'm going to face the problems. Thanks for any answer.


Asked on 8/09/03, 4:20 pm

1 Answer from Attorneys
Charles W. Field Charles W. Field, Attorney at Law

Re: Partnership shares in a company

You need to consult with a local attorney ASAP. All of this is subject to negotiation. First, the existing documents about the corporation need to be reviewed. His initial contribution may or may not entitle him to a 10/90 split down the road.

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Answered on 8/09/03, 4:49 pm


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