2 by markotiago | 0 comments on Hacker News.
4-5 months ago i’ve founded a company together with a co-founder in Deleware. The probation period went really well so we decided to go formal and found the company. We agreed that (written in emails) that I take the majority of the shares. However after we have founded the company we never issued stocks. The company has no IP rights transferred. It has 2 board of members, me and him. He is the CEO and President, and Secretary. So in essence, its just a company with no legal ownership on a product, with two board members and no stocks issued. Now the fun part; he stopped contributing after a couple of months. Stopped replying my emails and ignore every communication. A month ago, he stated in an email that he’d not want to continue anymore but he never resigned formally. I asked him to do so, but as usual no reply. If I resign, found a new company and the company becomes successful (currently we have two paying customers but had none when stopped contributing) is he going to impose a threat for the newly founded company? Also, is it enough if I send him a resignation letter to him (as he is the secretary)? What happens to company if he ignores the taxes and the legal stuff? thanks…