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Sorry to hijack someone other's question. I have a question of my own. I co-founded a company with one of my family friend around last year and made the silly
by throwaway_chan 8y ago
Sorry to hijack someone other's question. I have a question of my own.
I co-founded a company with one of my family friend around last year and made the silly mistake of trusting blindly by not signing a partnership agreement. I completed the whole development of the project and there has been inflow of cash but since then there has been radio silence from their part.
So i have registered my own company and ready to deploy the same service of my own.
Since i know the product will sell, i know i can develop a better product than the existing but i lack knowledge of business side of things.
Any advice for me ?
- kkarakk 8y agogo talk to a lawyer so you don't get sued. how can you prove YOU didn't take the money and run?
- throwaway_chan 8y agoThe bank account is in his name and the payment gateway is attached to it. It is clearly visible how much money is coming and to whom.
- sky_rw 8y agoGet a lawyer and get a contract ASAP. This gets harder every single day that passes. Also IANAL but if you wrote it all with no agreement you probably have the rights to all the code you developed, unless you biz partner's last name is Winklevoss.
- throwaway_chan 8y agoI even thought of that idea, but this mean getting my parents involved which i don't want to. I have zero idea how laws and business work. I have nonissue with code , because i have all of it. And i am thinking about deploying them as my own business.
- throwaway_chan 8y agoI just want to do this project that i dreamed about.
- phonon 8y agoPay off the family friend, and have them sign a full release. Otherwise, you run the risk of investing huge amounts of effort and time into the business, and then finally,when it is successful, he comes out of the woodwork and asks for 50% of it.