Legal Question in Business Law in Florida

1. Aug '14: I provided a startup with $20K USD for a 20% stake in the company. There was an option to sell 10% for $200K.
2. At the time, the CEO told me that the $20K would help them build a prototype for VC funding. Also other methods were mentioned such as crowd funding, incase further funding was not achieved by January 2015.
3. Jan '15: The CEO no longer wanted to proceed with his backup funding plans after not raising any VC funding.
4. March '15: The co-founder left and the CEO had no clear direction so I requested my money back and for the CEO to liquidate the company's assets.
5. Originally the CEO said I would be refunded but he did not give me a date. He later maintained that he'll refund me when he raises more capital.
6. June '15: The CEO decided to start working again and submitted documents to the SEC to do an offering. I would like a slice of the pie.
7. July '15:The CEO does not want to honor the original agreement and is treating my $20K like an interest free loan to build his business until he gets funding.

Asked on 7/06/15, 6:44 am

David Slater David P. Slater, Esq.

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0 attorneys agreed

You may be able to enforce the agreement if you can prove it.

Answered on 7/06/15, 8:30 am

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