What is the name of your state? Florida
Me and my business partner split ways and my buyout was 6 months salary and 30% of the profit when the company sells. the six months salary was done in writing but the 30% of profit was done verbally in front of a witness. now my partner is saying that he is stopping payments in accordance with my disassociation with the company based on alleged actions of me bidding against the company and refusal to sign an non-compete for the entire state of florida. i refused because we only do work in 3 counties and i said i would sign one for those counties. First, do i have a leg to stand on when it comes to the verbal agreement and second what course of action should i take since i did not make any bids against the company and did not breech any confidentiality agreement.
thankyou for any advise i can get. Brad30
Me and my business partner split ways and my buyout was 6 months salary and 30% of the profit when the company sells. the six months salary was done in writing but the 30% of profit was done verbally in front of a witness. now my partner is saying that he is stopping payments in accordance with my disassociation with the company based on alleged actions of me bidding against the company and refusal to sign an non-compete for the entire state of florida. i refused because we only do work in 3 counties and i said i would sign one for those counties. First, do i have a leg to stand on when it comes to the verbal agreement and second what course of action should i take since i did not make any bids against the company and did not breech any confidentiality agreement.
thankyou for any advise i can get. Brad30