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I'm part of a startup company, I'm a Director level as there are no VP within the company, I've been verbally told I "will be taken care of" if we do well, make money or get bought but I do not have anything in writing and I'm not a partner. We have 3 partners, no investment company or VC etc. That could change. Are there any recommendations to protect myself in the case that we add an investment group or we get bought out? Since I do not have monetary investment into the company do I need to have something in writing to be included in any payout or will the partners have the ability to use funds at their discretion?
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You need something in writing -- a promise of employment, of equity, of incentive compensation, or of whatever else it is that will make you happy. The promises you have now are unenforceable for vagueness.
Answered on Dec 11th, 2012 at 8:08 PM