I started a company with my friend. We each put in $10,000 into the company. He put in $10,000 cash and ….
I took out a personal loan for $10,000 from his parents. We each had 50% ownership in the company. I subsequently defaulted on the loan after paying $5,500 back. I am no longer a participant in the company.
The loan agreement with his parents said “If the undersigned fails to make a required payment by the 15th day of any month, the note will be considered in default. The undersigned agrees to pay all reasonable legal fees and costs of collection to the extent permitted by law if default occurs. This note shall be enforced in accordance with the laws of the State of Florida.”
I have several questions:
1) Based on the above agreement I signed (very informal personal agreement), do I still have a right to the part of the company that I did pay for ($5,500/$20,000) or 27.5%?
2) I bought the original domain name on my credit card. I gave him access to the domain name. Now he somehow locked me out of Go Daddy. Do I have a right to the domain name and do I still own the domain?
By the info above,
You own half the company (50%), and owe the parents $4500, and you’d better pay them before they sic a collection agency on you.
You own the domain — unless it was purchased for the company, in which case the company owns it, and you’d therefore own half of it.
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