usernamenotused
Junior Member
What is the name of your state? Florida
I have 2 questions. One is about equity and the other is about bonuses.
1. Equity: 2 years ago I was hired by a small management consulting company (LLC) as a sales rep and consultant. I then took over as president. As part of my signing bonus I was given 5% of the company and additional equity based on the sales performance of the company. I am now at 20% but have not be issued any actual stock and we do not have an official operating agreement.
I have been pushing to get record of the divestment of these shares in writing. The company is about $150k in debt and the founder wants my name on 20% of the debt before making the distribution official. I am about to quit because most of this debt is the founders personal debt (non business related expenses). Am I legally responsible for the debt when shares are issued as part of an employment package? (The debt is on the founders credit cards and personal line of credit)
2. Bonuses: As part of my employment package I have a signed contract that indicates that I get bonuses based on the number of billable hours I work on behalf of the firm. I have an e-mail from the founder confirming that the company owes me $14000.00 for billable time. I have not yet collected a dime of this since starting here 2 years ago. The founder has indicated that he can not pay this because there are no reserves and we need to pay down the debt, and that this payment will be based on the future of this company even though my bonus is based on $ received over the past 18 month. What is he legally responsible for?
I have 2 questions. One is about equity and the other is about bonuses.
1. Equity: 2 years ago I was hired by a small management consulting company (LLC) as a sales rep and consultant. I then took over as president. As part of my signing bonus I was given 5% of the company and additional equity based on the sales performance of the company. I am now at 20% but have not be issued any actual stock and we do not have an official operating agreement.
I have been pushing to get record of the divestment of these shares in writing. The company is about $150k in debt and the founder wants my name on 20% of the debt before making the distribution official. I am about to quit because most of this debt is the founders personal debt (non business related expenses). Am I legally responsible for the debt when shares are issued as part of an employment package? (The debt is on the founders credit cards and personal line of credit)
2. Bonuses: As part of my employment package I have a signed contract that indicates that I get bonuses based on the number of billable hours I work on behalf of the firm. I have an e-mail from the founder confirming that the company owes me $14000.00 for billable time. I have not yet collected a dime of this since starting here 2 years ago. The founder has indicated that he can not pay this because there are no reserves and we need to pay down the debt, and that this payment will be based on the future of this company even though my bonus is based on $ received over the past 18 month. What is he legally responsible for?