Legal Question in Business Law in Texas

I have been trying to start a company and working on a concept for many years. There were 3 of us working as partners - the inventor of the prodcut, myself and another man. Last year I asked a family friend and very savvy businessman for advice. He liked the concept so well he became an investor. However he did not like the third partner and in fact thinks he is unethical. The businessman/friend became a whistleblower to other investors about this partner. They have all pulled our of the deal and are now going to try to recreate the business without not only my partner but me. I believe I should be part of the new company but the investorsand the inventor/?partner do not. We did not have written contracts only verbal. Do I have a case for remaining involved in the new company


Asked on 10/10/09, 9:35 am

1 Answer from Attorneys
Joseph A. McDermott, III Attorney at Law

Partners owe a fiduciary duty to one another. Included in this duty is an obligation not to divert business opportunities that belong to the partnership,so you may well have a claim. These cases tend to be complicated and expensive.

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Answered on 10/15/09, 11:53 am


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