Business Past...

[HenryFord]

Hi Everyone. About 10 years ago I had an idea. I setup a business. It was web based. I was in 'partnership' with someone else...I had the idea he financed it. The ltd company was setup by my business partner' without any consultation with me. He made himself MD and 100% shareholder. I was only slightly involved in the day to day running of the business but I was heavily involved in the early days - I was the expert in the industry and my partner was the financier and sales force. He later went on to sell the business by which time my involvement had dwindled to very little. It was an undisclosed sum and I was of the impression that it wasn't a large amount of money, so I let bygones be bygones. I have since found out that it wasn't 'peanuts' it was many millions. Do I have any recourse to claim?

[bednobs]

Did you have anything written down? Surely if he put in all the money he took on all the risk while you had none. If the business had failed would you have expected to lose money? Did you get paid for the work you did? You say you set up the business but then you say he did

[pixie374]

What proof have you got of who has done what? And what was the agreement with each other?

[Skyline D]

Well I'm not a lawyer but I think the answer is almost certainly "no". You didn't have a business partner, you had an employer who owned the business. He clearly leaned on you heavily for the expertise to start it (you aren't clear on whether or not you were paid for that work at the time, and how, presumably by salary?) but by your own admission over the years since you've not really been involved and whatever it was the company did, it obviously managed to carry on doing it successfully without your input and didn't need your input to sell it either.

If there's any claim it would be in some way because he misled you about the set up and you believed you did part own it.