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."

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Answered on 1/29/14, 2:53 pm

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