Texas.
My fiancee and I started an S corp together and under it, we started two businesses.
He invested about $15,000 in one company and none in the other.
In both companies, I developed the product, designed the labeling, I did marketing, advertising and build a full blown ecommerce business and website. If I would have charged one of my clients {I am a full service ad agency too on my own}, I would have charged about $25,000 to $30,000 to do all of this company start up. He never worked in either company and I did all of this for BOTH companies. He did invest that money, but never lifted a finger for work. I have resigned now and he wants to sue me for what he invested in the first company. It is no longer in business now. Please advise if he can sue me. I was told by my accountant that my contractual labor and work and intellectual property is also an investment. Thank you.
My fiancee and I started an S corp together and under it, we started two businesses.
He invested about $15,000 in one company and none in the other.
In both companies, I developed the product, designed the labeling, I did marketing, advertising and build a full blown ecommerce business and website. If I would have charged one of my clients {I am a full service ad agency too on my own}, I would have charged about $25,000 to $30,000 to do all of this company start up. He never worked in either company and I did all of this for BOTH companies. He did invest that money, but never lifted a finger for work. I have resigned now and he wants to sue me for what he invested in the first company. It is no longer in business now. Please advise if he can sue me. I was told by my accountant that my contractual labor and work and intellectual property is also an investment. Thank you.