Legal Question in Business Law in Michigan
I am part of this startup company that I joined when it was just a vague idea. The product that this company will be offering is completely designed (from scratch) by me since I am the only designer in the group. Now that we are going for a public launch, the members are offering me a 5% stake and no "co-founder status" in the company and they are keeping 95% of the company plus "co-founder status" when they know that I executed a vague idea and made it into reality. My question is should I accept the 5% stake or should I quit? No contract has been made between me and the other members, so I still own the design and source code. Please advise what should I do?
2 Answer from Attorneys
This is much too complicated a question to give a simple answer. Much depends on what agreements you already have, whether you "own" the idea/product, whether you can find other people who will provide start-up funds and marketing/sales expertise, etc.
The answer to your question may make a huge difference in your life, so don't make it without full information about the consequences. I would be glad to talk for a few minutes about the details and give you some direction.
Glenn Matecun
(517) 548-1440
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