Q: Can I let go of partners from a start up if operating agrmnt isnt in place?
I put the team together in October, came up with the idea, we all signed NDAs, but now they are asking more equity than id like to give. They signed non-competes, can I choose to not work with them? Will they have any grounds to claim the company. Currently while the LLC is being approved at the state, I am the only listed owner. We were going to sign an operating agreement splitting equity as agreed, but then one partner wants to take more, and I do not agree with him. I also found better replacements for the other partner. Am I bound to working with them through NDAs and Non-competes?
A: You may be OK but you really need the advice of a partnership expert. I suggest Ken Milner--give him a call. Tell him I suggested you call. Because of implied obligations etc. it's not something anyone can give you an easy yes/no on.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
