Q
qednick
Guest
What is the name of your state? Texas
Hi, here's a brief synop of my situation:
Back in Nov/Dec 03 I was discussing the possibilities of a partnership with a guy in Illinois regarding some software ideas. Then, out the blue a company contacts me (personally) to buy some source code I already had in existence and build on it. I saw this as what could be an excellent starting point for the potential partnership with the IL guy and offered the opportunity for him to get involved.
We flew out to see this company and walked away with a pending contract for the job to the tune of $1.6M
Anyway, to cut a long story short, my new partner had certain misgivings about the contract and started on a negative downhill slope about the whole job. In the end, I got sick and tired of it and so did the guys at the other company who had already paid us $20K just to start things off while we were hammering out the contract issues.
The contract went back and forth but never got signed or agreed to by any party. The company who want the job doing decided they couldn't deal with my "partner" any more and told me so (it's a long story but I don't blame them!). They were also adamant that they wanted me to do the job 1 million percent and still do.
What kind of legal position does this leave me in? Can the partnership (actually an S-corp) simply be dissolved and me continue this job without hinderance from my ex-partner?
I tried to come to some reasonable arrangement with my partner over this whole thing but he's of the impression that he's already earned his half the $1.6M so I'm afraid things are falling through. I like to think of myself as a honest person but I'm sure as hell not willing to do all the work myself and fork out half the money to someone who's only put about 20 hours into it!
In the end, my partner started giving me subtle threats of lawsuits, etc. claiming corporate tampering, etc. It was a case of if he can't have his cake then neither can I and, if I do, he'll sue.
So what do you think?
Thanks!
Hi, here's a brief synop of my situation:
Back in Nov/Dec 03 I was discussing the possibilities of a partnership with a guy in Illinois regarding some software ideas. Then, out the blue a company contacts me (personally) to buy some source code I already had in existence and build on it. I saw this as what could be an excellent starting point for the potential partnership with the IL guy and offered the opportunity for him to get involved.
We flew out to see this company and walked away with a pending contract for the job to the tune of $1.6M
Anyway, to cut a long story short, my new partner had certain misgivings about the contract and started on a negative downhill slope about the whole job. In the end, I got sick and tired of it and so did the guys at the other company who had already paid us $20K just to start things off while we were hammering out the contract issues.
The contract went back and forth but never got signed or agreed to by any party. The company who want the job doing decided they couldn't deal with my "partner" any more and told me so (it's a long story but I don't blame them!). They were also adamant that they wanted me to do the job 1 million percent and still do.
What kind of legal position does this leave me in? Can the partnership (actually an S-corp) simply be dissolved and me continue this job without hinderance from my ex-partner?
I tried to come to some reasonable arrangement with my partner over this whole thing but he's of the impression that he's already earned his half the $1.6M so I'm afraid things are falling through. I like to think of myself as a honest person but I'm sure as hell not willing to do all the work myself and fork out half the money to someone who's only put about 20 hours into it!
In the end, my partner started giving me subtle threats of lawsuits, etc. claiming corporate tampering, etc. It was a case of if he can't have his cake then neither can I and, if I do, he'll sue.
So what do you think?
Thanks!