Legal Question in Business Law in Texas

shareholder rights to his part of his business

Me and a new friend started a internet company as a partnership. We were 50 50 partners. He was doing alot more work than i was so i told him to take 70 percent of the profits right now and i would take 30 percent. Several months went by and our accountant called me and told me that my partner said he was 70 percent owner. I called the partner and said remember that last email i sent you. Saying that you were doing most of the work and you should deserve more of the profits at that time. anyway he cursed me out and got real real angry and told me that if i did not give him his 70 percent of the business he would shut it all down right then and there, since he was the webmaster mind, and at that time i was having severe heart trouble and was in no condition for major upset, so i gave in and told him , Sure i dont care you can have an extra 20 percent if that makes u happy. SO everything was going normal for many months, then all of a sudden.. out of no where he wants me to turn over all papers and all books and everything and told me i would still get paid but had to do no work.. then i got mad and told him i would not stand for that and then it just got worse..


Asked on 10/12/00, 1:20 am

1 Answer from Attorneys
David Leon David L. Leon, P.C.

Re: shareholder rights to his part of his business

This is quite the messy situation that you have. I would have to look at the contract and paper trail between the two of you before I could determine your rights.

Fee free to call my office if you would like to discuss this further.

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Answered on 11/05/00, 11:52 pm


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