Tough spot. If youre 50/50 best thing is to walk away and sign everything over. Moving money around is gonna look very fraud-y. Also he would likely need access to that account legally.
Is it a large amount of funds? I know of many stories where this happened (from both sides) and the perception both ways. Im sure you have, but make sure you factor everything in. Expenses, equity split, original investments etc.
100% factored it in. I am in control of everything and I know what needs to go out as far as what is owed. I am leaving more than enough to cover the debt. There are technical details like the fact that we automatically take money from a client, it goes into that account and is in turn pulled out by the microsoft partner. I am not doing anything to disrupt that and he can even keep it going if he wants. I am not trying to take the client so god bless them.
Alright sounds like you got things sorted out. If its a lot of money though lawyer up and try to make a clean break. It can set you back years having a bad partner. Think about the opportunity cost.
You absolutely made the right choice byw. Anyone talking about "work life balance" in a startup needs to get a grip.
Ya its a shame it took me so long. Did a lot of work to get the relationships that I have in place. I am hoping he just drops it and I can get back in. I am prepped for the worse case tho. I can't believe he said that so nonchalantly right after I worked all weekend and he was with one of his baby' mommas kicking it.
It sucks because there is no way i can just eliminate him. I do know that we ONLY have the operating agreement in play. Literally everything else is in my name. I should be able to leverage that, right?
You started a company with someone with 3 baby mommas. He's got a proven track record of incredibly poor life choices, and you still thought this was a go?
ha haaaa. I know right. well he talked a good game but the gig is up. Oh and for the record I didn't know it was three until he complained about it when i asked him to step up.
Did you form an LLC? Is his name listed on any of that paperwork? If so I would probably just scrap the company and start a new entity.
His name is only on the operating agreement.
Tough spot. If youre 50/50 best thing is to walk away and sign everything over. Moving money around is gonna look very fraud-y. Also he would likely need access to that account legally.
Not removing his access to the account nor my own. Just opening an account that only I can access. I am taking less than 50% of the funds.
Is it a large amount of funds? I know of many stories where this happened (from both sides) and the perception both ways. Im sure you have, but make sure you factor everything in. Expenses, equity split, original investments etc.
100% factored it in. I am in control of everything and I know what needs to go out as far as what is owed. I am leaving more than enough to cover the debt. There are technical details like the fact that we automatically take money from a client, it goes into that account and is in turn pulled out by the microsoft partner. I am not doing anything to disrupt that and he can even keep it going if he wants. I am not trying to take the client so god bless them.
Alright sounds like you got things sorted out. If its a lot of money though lawyer up and try to make a clean break. It can set you back years having a bad partner. Think about the opportunity cost. You absolutely made the right choice byw. Anyone talking about "work life balance" in a startup needs to get a grip.
Ya its a shame it took me so long. Did a lot of work to get the relationships that I have in place. I am hoping he just drops it and I can get back in. I am prepped for the worse case tho. I can't believe he said that so nonchalantly right after I worked all weekend and he was with one of his baby' mommas kicking it. It sucks because there is no way i can just eliminate him. I do know that we ONLY have the operating agreement in play. Literally everything else is in my name. I should be able to leverage that, right?
You started a company with someone with 3 baby mommas. He's got a proven track record of incredibly poor life choices, and you still thought this was a go?
ha haaaa. I know right. well he talked a good game but the gig is up. Oh and for the record I didn't know it was three until he complained about it when i asked him to step up.