What is the name of your state (only U.S. law)? Colorado
My business partner and I incorporated a few years ago. I've been working on the startup manufacturing business basically on my own. I have approx $12,500 and 350hrs invested, while he has approx $950 and 25hrs invested. Before I move forward, a change needs to be made in the ownership structure.
The problem is we initially allocated 10K shares of stock. We assigned 4250 to each of us, and 1000 shares to our software engineer, leaving 500 unassigned. I question the validity of our assignment docs. We simply typed up docs assigning x shares; he signed mine, I signed his and our SE's.
If these docs are invalid, it makes things easier since I'll just have to call a meeting and assign shares with valid documentation and a distribution that reflects our individual input.
If the docs are valid, what's the process to alter the ownership structure?
I guess worst case scenario would be dissolving the corp, and the SE and myself forming a new company, since I own virtually all the mfg equipment (partner's investment is mainly travel expenses and patent attorney fees), and the SE owns the software rights.
Thanks for any advice given!!
Jeff
My business partner and I incorporated a few years ago. I've been working on the startup manufacturing business basically on my own. I have approx $12,500 and 350hrs invested, while he has approx $950 and 25hrs invested. Before I move forward, a change needs to be made in the ownership structure.
The problem is we initially allocated 10K shares of stock. We assigned 4250 to each of us, and 1000 shares to our software engineer, leaving 500 unassigned. I question the validity of our assignment docs. We simply typed up docs assigning x shares; he signed mine, I signed his and our SE's.
If these docs are invalid, it makes things easier since I'll just have to call a meeting and assign shares with valid documentation and a distribution that reflects our individual input.
If the docs are valid, what's the process to alter the ownership structure?
I guess worst case scenario would be dissolving the corp, and the SE and myself forming a new company, since I own virtually all the mfg equipment (partner's investment is mainly travel expenses and patent attorney fees), and the SE owns the software rights.
Thanks for any advice given!!
Jeff