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About 10 years ago I was part of a startup along with two…

Hello, about 10 years...

Hello, about 10 years ago I was part of a startup along with two other people. Each of us brought $25,000 of our own money into the startup to fund it. Within about 6 months I was let go. I was never refunded the $25,000 but promised I would be paid back as soon as the company was able. This year they received 10 million in funding. I'd like to get back my investment money. What can/should I ask for?

Lawyer's Assistant: What state is this in? And just to clarify, when was the purchase made?

CA and I believe I invested my $25,000 around 2007.

Lawyer's Assistant: Has anything been filed or reported?

There's paper records of the investment I'm sure, but otherwise nothing that I'm aware of.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

No, that's all thanks.

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9/12/2017
Infolawyer
Infolawyer, Attorney
Category: Business Law
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Hello and welcome. I am working on your answer and will be right back!

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did you receive shares in the entity? percentages?

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Customer reply replied 5 months ago
No. Originally it was supposed to be an even split, 33% each, but that was never fully resolved before I was let go. Also, I recalled we were living in CO at the time, not CA.
Customer reply replied 5 months ago
I was the CTO of the startup for about 6 months, I would say.

From facts mentioned, you continue to own 1/3, and cannot be dismissed as an employee and wipe out your equity. You are entitled to continued ownership. If company wont honor your equity you can sue to have a court recognize it and if needed dissolve the entity and divided the assets, if any, which may prompt the other owners to settle to avoid such action. A lawyer locally can send a letter first. Kindly let me know if that is clear and acceptable.

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Customer reply replied 5 months ago
Okay, that's clear, thank you.

Very welcome.

Kindly rate the answer 5 stars.

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