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What happens on leaving a startup?

  • 16-07-2017 6:26pm
    #1
    earwax_man
    Registered Users, Registered Users 2 Posts: 264 ✭✭


    A few questions here. I've decided to take the decision to leave a startup I founded in the coming weeks, so this is just me thinking about what position I'll be in for negotiating. We're a software development consultancy registered as a limited liability company.

    Of the three founders, one left a year ago, agreed to sell shares for €0, yet is still a director as no actions were taken yet to remove him. Shares are split as 33%. How does this effect me selling my shares when leaving? Must I sell my shares to leave?

    Over the past year, it has just been the other founder and I working on projects. I have done the majority of work. No one has ever signed any IP agreements. What situation does this hypothetically leave me with IP?

    We have earned money from some past consultancy projects. However, the other remaining founder's development skills are not up to scratch. Of the current project, I developed half of the mobile app, and then could do no more until the co-founder finished his part. I saw no work being done on his side for a few weeks; met up with him, and he asks to swap from developing the server-side to doing the rest of the mobile app. I agree and get my tasks done in a week. He's struggling to finish anything himself, yet the deadline for delivering this is in 2 weeks. I have refused to do any more work as it's already not split 50-50. Assuming this actually gets done and we get paid, what's my negotiating position on money earned/IP from this project? There is also a project that I had to fully do alone due to his incompetence.

    Another associate is being brought in in the coming weeks where shares will be realigned to 42-43-15, with 15 going to the newest arrival. They are thinking of applying for a large fund for further development of work that is due within 2 weeks. What position does this put me in if I keep my shares?

    I am only seeking opinion for this hypothetical situation as I have not taken any steps to leave yet. I'm planning on seeking legal advice from a solicitor in the coming while to field any questions for me with a legal standing point.


Comments

  • #2
    Robbo
    Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 10,598 Mod ✭✭✭✭Robbo


    earwax_man wrote: »
    I am only seeking opinion for this hypothetical situation as I have not taken any steps to leave yet. I'm planning on seeking legal advice from a solicitor in the coming while to field any questions for me with a legal standing point.

    Pretty much everything your hypothetical poses are dense legal questions best answered by the professional you'll be engaging. Best to leave it to them.


This discussion has been closed.
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