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I have question about business I was working with a startup…

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Hi i have question...

Hi i have question about business I was working with a startup as a partner meaning that i would have equty

Lawyer's Assistant: Because employment law varies from place to place, can you tell me what state this is in?

The company is registered in florida it is being redone and has to move to delaware and change the type of corp it is i started working actively in business without a contract as we were waitng for the new company to be structured properly i was to be an equity shareholder

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

It's an s corp in florida at the moment

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

It's a tech product that is patenented and during the course of the last 6 weeks i have made siginificant work and contributed to the development of the product i have now gotten into an argument with the founder and i want to know what my rights are as we didn't get the contract done, but we did sit in the lawyers office and make the agreement verbally in front of the lawyer

Submitted: 7 months ago.Category: Legal
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Answered in 2 minutes by:
11/23/2017
Lawyer: Loren, Attorney replied 7 months ago
Loren
Loren, Attorney
Category: Legal
Satisfied Customers: 38,775
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Lawyer: Loren, Attorney replied 7 months ago
I am sorry to hear of your dilemma. I realize how frustrating this is for you and I hope to provide you information which is accurate and useful, even though it may not be the news you were hoping to get.While a verbal promise of equity is not generally enforceable, you may be able to assert an equitable claim for promissory estoppel.The elements of promissory estoppel are: (1) a clear and definite promise; (2) made with the expectation of reliance thereon; (3) the promisee in fact reasonably relied on the promise; and (4) detriment of a definite and substantial nature was incurred in reliance on the promise.
While there is no requirement that you retain an attorney, equitable remedies always involve complex litigation and retaining experienced counsel is strongly recommended. If you need help finding a local litigation attorney, try Martindale Hubble. Many attorneys themselves use this site to locate attorneys outside their jurisdiction or expertise:
http://www.martindale.com/Find-Lawyers-and-Law-Firms.aspxIt is a huge worldwide database searchable by location and specialty.If (and only if) you are completely satisfied that your question is answered, please remember to leave a favorable rating (click 5 stars in the rating section on this page). It is the only way that I am credited by JustAnswer for answering your question.
There is no additional charge to you for rating me favorably.
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

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