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Old 12th January 2008, 06:18 AM   #1
MrMagoo
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Default Husband Wife Team Swindling Me Out Of Business...

I have been working for a company for the last two years. 4 people... A Husband, Wife, A Designer, and me the web developer. The first year I made less than $10,000 for the year but was promised $30,000. This company was owned by both the husband and wife.

The company then dissolved and a new one was created to avoid debt. Then I was promised shares and given a letter which states that I would receive a certificate of corporate shares. IN fact... Me, The Deisgner and the Wife were to receive shares only. The husband would not take any ownership in the company

Well... it has been 4 months since this happened and I did not receive the certificate and talks about me as a partner have faded. Now I have gotten into an extreme fight with the husband... He is threatening to leave the wife if I still work within the company...

I have given it my all and now because I cannot come to terms with the husband I am being swindled out of business...

What can I do?

Do I have any real ownership in the company? What am I entitled to? Do they legally owe me $30,000 dollars and a part of the company? Am I entitled to the client base ( I found some of them ) and what can I take with me?

Any Advice would be appreciated...

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Old 12th January 2008, 08:49 AM   #2
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Well, Mr Magoo is a good name. It seems you've been quite blind to what is going on.

Just leave. Get out and feel lucky your name is not on anything, it looks as if this is going to be a disaster.

Put it behind you and feel lucky you haven't really lost anything a time. You never had anything but promises to begin with, so you've simply spent two years at low wages.
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Old 12th January 2008, 08:54 AM   #3
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I agree with Pete. One thing to consider with ownership is that you are also responsible for the debt/liability. I personally would argue against having any ownership of these businesses as the best I can tell there are no assets but instead liabilities to own. Go start a business on your own, without others, and you will do well.

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Old 12th January 2008, 09:46 AM   #4
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Actually... I disagree entirely... I think it's going to make alot of money... I think I have a legal right to what I deserve...

You have made me think that I should ask them to see what kind of money there is... and what kind of debt their is...

What about a limited liability partnership? This is what I originally asked for in compensation for the poor funds I received in the first year.

Am I not entitled to be compensated for that? I have helped build this company and I have saved it from going under... It's mine as far as I am concerned...

I have a letter which says I am to receive shares... in my situation... am I legally entitled to anything or am I forced to take a hike?


Last edited by MrMagoo; 12th January 2008 at 10:01 AM.
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Old 12th January 2008, 10:25 AM   #5
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but thank you very much for your advice... as you can see I am not as experienced as you so of course I'm going to dive head first into the shallow end because I just don't know any better...

But I will be sure to come back to this thread three months from now so I can kick some sense into me...

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Old 12th January 2008, 10:29 AM   #6
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You have been warned.......

Sounds like a quite unstable situation to me.

You might take your letter and visit an attorney, but 25% of nothing is still nothing.

You come and ask for advice and then disagree, which is your right, no problem there. But keep in mind you are getting advice from people who have been there and done that in business. Not exactly the identical situation, but seen many come and go and from little you have written I don't give that company much of a chance.

Last piece of advice -

See a lawyer.
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Old 12th January 2008, 10:35 AM   #7
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That's the crux to me, if you see a lawyer it is immediately going to cost more than it is worth. Perhaps much more - lawyers cost a lot at 200/hr. I'd focus my energy/time and MONEY on creating a business of my own - in the long run you will be much better off based on my experiences.

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Old 12th January 2008, 10:44 AM   #8
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Don't get me wrong... I do believe the advice you're giving me is the correct advise... this will be the second business which has failed for me...

I do not believe that if the business would be failing if it were not for the husbands involvement... he demands that I do things that essentially burn me out and costs me days of my time.

But I know the Designer and the wife are real money makers... it makes me sad to think that because I cannot come to terms with him that I will have to have a third try at a business...

Maybe I will just charge huge amounts of money and go it my own... that sounds like the best thing to do maybe... I really do appreciate your advice...

If I can't stand on my own... then what can I do?

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Old 12th January 2008, 10:45 AM   #9
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But I'm taking clients with me dammit!!

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Old 12th January 2008, 10:49 AM   #10
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Take your clients, that isn't an issue. You can do it on your own, if you believe so - that is the first step along with a lot of determination. If you can't stand on your own ... then what to do? Simple - get a job until you can. Everyone can get a job.

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