Legal Question in Business Law in Texas
i formed a company with two other persons.
we owned 50% person one, 20% person 2 and 30% me.
they didn't know anything about this line of work.
i put on my experience and knowledge. and they put the money.
now they come to me and tell me that what i own of the company has to change to 10% because i didn't made any financial contributions.
is this legal.?
Asked on 1/28/14, 9:05 am
1 Answer from Attorneys
Mark Dunn
Mark D. Dunn
No, it's not.
I assume that you have your agreement in writing?
Robert Ringer said: "With a written agreement, you have a prayer; an oral agreement is nothing but air."
Answered on 1/29/14, 2:53 pm
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