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New york. Basically I have an llc that I own 100%. A few…

New york Lawyer's Assistant:...

New york

Lawyer's Assistant: What steps have been taken so far?

Basically I have an llc that I own 100%. A few months ago I was considering bringing someone on as a partner. We fleshed out a temporary agreement that outlined the work value she'd offer for 10% equity. This was written on paper. After that agreement she didn't follow through on any of the work and we orally decided that it was best to part ways and that she should focus her time on her own project. After noticing growth from my company she recently decided she wants to be back in the picture and is claiming that she's entitled to the %10 equity.

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

I haven't made any changes to my llc and don't plan to. Just want to make sure that I don't have anything to worry about

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Answered in 5 minutes by:
3/16/2018
Olivia Kent
Olivia Kent, Attorney
Category: Legal
Satisfied Customers: 4,072
Experience: Partner at Kent Law Group, LLC
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Hello and welcome to JustAnswer. My name is ***** ***** I'm an attorney. Please note this site is for general information for educational purposes only and does not constitute legal advice. Communicating with an expert on this site does not establish an attorney-client relationship. You might be offered a phone call, but you are under no obligation to accept; the phone call requests don’t come from me - they’re offered by the site - but if you do want a phone call I’d be happy to do that as well.
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You stated that there was a "temporary agreement" and I'm not quite sure what you mean by that. You also indicated that "we orally decided that it was best to part ways" and I'm not sure what you mean by that in light of this temporary agreement so if you can please clarify I'd be happy to respond further.

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Customer reply replied 4 months ago
Basically we signed a doc that said we'd follow through on giving her 10% equity in exchange for the work she would put in. And the plan was to amend the llc. About a month later we were discussing the fact that she wasn't holding up her end of the deal and that all of her attention was being put on other things she was involved in. From that conversation we decided it was best for us to no longer follow through on officially becoming partners and amending my llc.

So there is a legal document in place stating that she is entitled to 10% of the equity in exchange for doing XYZ?

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Customer reply replied 4 months ago
It's a document that she typed up yes

And you signed it, stating that she would be entitled to 10%?

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Customer reply replied 4 months ago
I did

Okay, I see. So in order to argue that there isn't a valid legal contract you'd need to provide proof of the oral contract that superseded it. Alternatively, you could argue that she breached the written contract by not doing XYZ, as required by the written contract. Please let me know if I've answered your question. If I have answered your question, if you wouldn't mind, could you please take a moment to submit a rating so that I receive credit for working with you. If you have any follow up questions I would be *happy* to answer them. Experts only get credit for the time and effort we spend on our answers if you rate positively - 5 stars is definitely appreciated but not required! It DOES NOT cost you anything at all to submit a rating; it just allows me to get credit for helping you - otherwise I get no credit at all. You CAN still ask follow up questions after rating. There may be a lag between your question and my answer; this is because I'm either not at my computer or helping someone else but I assure you I will ALWAYS come back and answer your question.

Olivia Kent
Olivia Kent, Attorney
Category: Legal
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