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Chris The Lawyer
Chris The Lawyer, Lawyer
Category: New Zealand Law
Satisfied Customers: 18686
Experience:  32 years qualified as a lawyer; LLB, MMgt and FAMINZ.
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2 weeks ago I started a new business (building construction

Resolved Question:

2 weeks ago I started a new business (building construction - which I do not have any experience in at all) and was to employ a very business savey person to run it for me. We only have a verbal agreement. Things have turned sour. This person has been in this business for a long time. He has lined up a BIG contract and wants to give me 1% of the earnings. And is going to draw up a contract for this. I have given this person a little bit of money from my personal account to get some small jobs going to give us a little start up. Although no money has come in yet. My company has overdraft $850. i have very little money personally $1K. I feel like I cant afford legal help with this. I dont even know how to run a company, but was willing to learn. I believe he is using my companies name for these projects that he is getting. For some reason he cannot use his own name, sounds dodgy doesnt it. It appears that he's setting me up so he can make some money for himself and I get very little. If this person gets a contract in the name of my company, what legal rights does my company have to the contract and how do I determine what percentage I should get, if I continue with this.
Submitted: 10 months ago.
Category: New Zealand Law
Expert:  Chris The Lawyer replied 10 months ago.

Chris The Lawyer : Hi and welcome. My first response will follow shortly. Please feel free to follow up if anything is not clear.
Chris The Lawyer : This rings many alarm bells for me. Starting with the first, I would not suggest you get involved with someone who doesn't use his own name. That must be because he has a poor reputation, and may even be bankrupt or was bankrupt in the past. If you know his real name you can search this here http://www.insolvency.govt.nz/cms
Chris The Lawyer : The next issue is that you have no money and the company has no money. Where is the working capital to get this off the ground?
Chris The Lawyer : You are the director of the company so any transaction should be in control of all contracts and signe them yourself. You should not delegate anything to him. If you are taking on a large contract which goes bad, you will be in the firing line and not this person, who will likely disappear.
Chris The Lawyer : I would also suggest that construction is now a very complex business. You should not enter any large contract unless you have a minimum of several years, and project management experience, building experience, company management and experience with tax requirements.
Chris The Lawyer : Without these, you are being led to a fall.
Customer:

Chris thankyou so much. I have not signed any contract with this person, if I de-register my business immediately, will i be clear, or is that another question I have to pay for, cause I dont have much in my visa. thankyou very much

Chris The Lawyer, Lawyer
Category: New Zealand Law
Satisfied Customers: 18686
Experience: 32 years qualified as a lawyer; LLB, MMgt and FAMINZ.
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