Legal Question in Business Law in Minnesota

I entered into a phantom stock agreement with my boss who tells me that it means I will be getting 10% profit share of the company. He then goes on to say that he gave me 10% of the company, that I am an equity partner, that I am an officer of the company, that I would get 10% of the sale of the company. Is that a legally binding contract? I know of 14 times he said it were in a 1 month timeframe when I found out he was skimming my commissions. All of those conversations were recorded. Do I have a legal leg to stand on?

Asked on 11/05/13, 3:24 pm

3 Answers from Attorneys

David Anderson Anderson Business Law LLC

No in MN stock deals MUST be in writing to be enforceable

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Answered on 11/05/13, 3:31 pm
Tricia Dwyer Tricia Dwyer Esq & Assoc PLLC

Hello. Further details of this matter need to be known. I urge you to seek attorney counsel at this time. It would be helpful if you roughly calculate your losses and 'break them down' in categories, to the best of your ability. The attorney will want to hear the conversations.

Tricia Dwyer Esq

Ph: 612-296-9666

Tricia Dwyer Esq & Assoc PLLC



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Answered on 11/05/13, 5:10 pm
Maury Beaulier612.240.8005 Minnesota Lawyers

Any contract would have to be reviewed in its entirety to even begin to assess you rights. Promises that occur outside of a written contract are unenforceable if the contract is not vague and ambiguous. You must consult with counsel.

Maury D. Beaulier

Attorney at Law

(612) 240-8005

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Answered on 11/06/13, 3:03 pm

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