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Business partner & I split profit 60 / 40. he owns 100% of…

Customer Question
business partner & I...

business partner & I split profit 60 / 40. he owns 100% of company but I get 20% end of 3rd year.

Lawyer's Assistant: What state are you in? And have you consulted a local attorney?

Florida , not yet he's trying to "fire me"

Lawyer's Assistant: Has anything been officially filed? If so, what?

No I didn't sign a contract because we were running as partners . discussed all the arrangements started operating agreement but it never got signed

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

No thanks

Submitted: 5 months ago.Category: Business Law
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Answered in 3 minutes by:
11/9/2017
Business Lawyer: Legal Eagle, Lawyer replied 5 months ago
Legal Eagle
Legal Eagle, Lawyer
Category: Business Law
Satisfied Customers: 10,338
Experience: Licensed to practice before state and federal court
Verified

Hello! I am a licensed attorney, admitted to practice in state and federal court. I have a nearly 100% satisfaction rating (click here for more info) so all that means is that you can count on me to help today.

Please keep in mind that our conversation does not include an attorney-client relationship and this is for general information purposes only. What specific questions did you have? I have an idea about your situation, but I don’t want to make any assumptions.

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Customer reply replied 5 months ago
will a verbal contract prove intent? again the operating agreement isn't signed but I've got plenty of emails & emails
to employees referring to our partnership.
Business Lawyer: Legal Eagle, Lawyer replied 5 months ago

I see, just one moment while I review...

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Business Lawyer: Legal Eagle, Lawyer replied 5 months ago

So, the law will generally consider people to be in a partnership if they are simply operating a business for profit. The partners do not need to have a written agreement. The agreement to be partners can be done orally. The facts can also suggest a partnership such as them sharing expenses, splitting the profit, or otherwise making decisions in the organization. Sharing equity in the organization as well could also evidence a partnership. In your case, if there is a sharing of profits and if there is evidence that you will receive a greater proportion of the equity in the company by the end of the third year, then a court would likely consider you to be partners and thus he would not be ale to "fire you." If you are doing other work as an employee, he could technically "fire you," however, it would not decrease your equity stake or eliminate your profits, unless you agreed otherwise. What other questions did you have for me today?

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Customer reply replied 5 months ago
He seems to think he can just tell me the partnership isn't working for him & that I he will pay me for 1 year because the business is in his name. We made every decision together . I bought furniture out of my own checking account. I was reimbursed but so was he when he bought items. We both made very little to nothing the 1st 60 90 days. I went & got a line of credit to make ends meet. Now things are starting to ramp up & he wants me to push me out
Business Lawyer: Legal Eagle, Lawyer replied 5 months ago

To me, it sounds like you are partners. If he cuts you out of the business, then it is going to be a violation of your partnership and he may owe you for the damages that result (e.g. lost income from the partnership or lost equity that you would have ordinarily received). What other questions did you have for me?

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Legal Eagle
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Category: Business Law
Satisfied Customers: 10,338
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