The situation is simple, but maybe not so simple.
The only record of an agreement is a verbal agreement. There is nothing formally signed. There are texts and emails recording the discussion of working together. Including me asking the co-founder to do some research and do a certain minimum amount of work. Which was never done.
The verbal agreement is the only ‘proof’ of equity split as well. It was to be split 30/70. The co-founder told some people it was 50%, the co-founder said it to me once in a message while discussing someone else’s business and the way they had split. I completely ignored it. I was drunk at the time and continued the conversation as if it was never received.
When people told me the co-founder said he owned 50% of the company, I always corrected them and told them about the vesting.
There are no single triggers in the verbal agreement.
No money has been received from the co-founder for any equity. <– A big issue I think.
On all company and legal documents only I exist. The co-founder never existed anywhere on paper.
Founder and co-founder never talk anymore. In fact, 6 months passed without a word. Including the holiday period. No Merry Christmas, etc.
I did all the work. Programming, Planning, Design, Policies, Research, etc… etc… I’m still doing all the work.
The co-founder has done nothing. I mean, literally nothing.
The co-founder was asked on more than one occasion to do something. Mostly research for different things. One or two occasions are recorded digitally, the rest are verbal.
Co-founder has started 2 ‘businesses’ with a friend of his own. Both are ripoffs to ideas I have coined and told the co-founder about.
The biggest thing here I think, is the fact that no money was received for any ‘equity’. So would that invalidate any stock?
His access to everything was removed a year ago. He has yet to mention it. It will be another year before the ‘product’ is launched. Maybe another 3 years before it is worth anything.
Keep in mind nothing has been contributed by him, ever.
I would hate to think this is a dick move to do. If he had contributed something I would give something for it. I can’t see any reason to give him anything. It would be extremely unfair to myself, as I have been the only one to do everything.
Tried searching on here to see if anyone has been in or seen a similar situation before.
If anyone has any insight, it would be greatly appreciated. 🙂