Partnership verbal contract broken

[gregguhin]

What is the name of your state? Alaska

I live in Phoenix now, but the business in question is located in Fairbanks Alaska.

Here is an email I received from the sole shareholder in the business that I was involved with in Alaska.

The partnership discussion between the 4 of us was as you said, that after Company A's 2 year non-compete expired, we would sign partnership agreements and each get 1/4 of the business. You may also remember that all of you agreed to sign a Denali Net non-compete as well. I looked at yours. It is not signed. Not only did you leave the company before the 2 years were up, you were gone in just over 1!
Here is the situation.

Myself and 3 other employees left Company A to form a new company. The only one of us who did not have a non-compete contract was the business manager. An LLC was formed with the business manager as the only named person as a shareholder. Company A filed for bankruptcy / reconsolidation within 6 months of the new business opening. I worked full-time for the new business for 1 year and then part time up until the time I took a job in Phoenix.

What are my options.

 

[seniorjudge]

What is the name of your state? Alaska

I live in Phoenix now, but the business in question is located in Fairbanks Alaska.

Here is an email I received from the sole shareholder in the business that I was involved with in Alaska.

The partnership discussion between the 4 of us was as you said, that after Company A's 2 year non-compete expired, we would sign partnership agreements and each get 1/4 of the business. You may also remember that all of you agreed to sign a Denali Net non-compete as well. I looked at yours. It is not signed. Not only did you leave the company before the 2 years were up, you were gone in just over 1!
Here is the situation.

Myself and 3 other employees left Company A to form a new company. The only one of us who did not have a non-compete contract was the business manager. An LLC was formed with the business manager as the only named person as a shareholder. Company A filed for bankruptcy / reconsolidation within 6 months of the new business opening. I worked full-time for the new business for 1 year and then part time up until the time I took a job in Phoenix.

What are my options.

Q: What are my options?

A: About what?

 

[gregguhin]

I was told that I have no claim to anything relating to the business, and I have not been able to get equipment back that I paid for with my own money.

 

[divgradcurl]

I was told that I have no claim to anything relating to the business, and I have not been able to get equipment back that I paid for with my own money.

Well, if you didn't stay the 2 years, and that's the only contract that you have, it doesn't sound like you have any claim to any ownership of the company.

If, as an employee or contractor, you purchased equipment for the company, you are most likely entitled to reimbursement for those costs. If they won't cooperate, you'll need to sue them in Alaska to recover those expenditures.

 

[gregguhin]

The 2 years mentioned was the length of the non-compete agreement. The company that I had the non-compete with went out of business within 6 months of the new business starting up.

 

[divgradcurl]

The 2 years mentioned was the length of the non-compete agreement. The company that I had the non-compete with went out of business within 6 months of the new business starting up.

I guess then I'm not sure what's going on then. Maybe you could rewrite your original post to clarify the facts.