QUESTION
Software Company, registered as an LLC in the state of Florida with an overseas partner located in Italy.
Asked on Aug 09th, 2011 on Corporate Law - Florida
More details to this question:
Myself and this overseas partner own a software company. Basically, the company has an idea to build a piece of software and sell it online. Currently the software is not complete and it has been almost a year. The company has no assets or money. The software is currently at a hold. The overseas partner has found a company which wants 49% of the company in order to develop it. He is attempting to buy me out, but the deal is unreasonable. So instead, he plans to open a new company under a different name, develop this same piece of software, and cut me out completely. Is there anything I can do legally? Is what he is doing legal?
1 ANSWER
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He cannot open a new company under a different name to develop the same piece of software. It is an unlawful use of the company's proprietary information and know-how, and the usurpation of a corporate opportunity unto himself. The question i would have is does the company owe your partner any debt? and could he get to the same place by collecting on the debt and foreclosing on your asset, the software code.
Answered on Aug 10th, 2011 at 4:13 PM