I started a FL Sub-S with three stock holders and one employee.
I own 45%
Owner 2 owns 45%
And owner 3 owns 10% and lives in OR.
Owner 3 was promised payroll while he developed a product for the company. Payment for development of the product including engineers was paid by the company. Owner 3 was very slow and didn't meet any deadlines given.
I put in $75,000 and nobody else invested money.
Owner 3 is now trying to put the patent in their name as well as take control of the company through sweat equity or something like this that he probably doesn't understand.
Do I pay the person the back pay (started in March)? They refuse to give me their bank info to allow me to pay them so I assume they are trying something slick.
I own 45%
Owner 2 owns 45%
And owner 3 owns 10% and lives in OR.
Owner 3 was promised payroll while he developed a product for the company. Payment for development of the product including engineers was paid by the company. Owner 3 was very slow and didn't meet any deadlines given.
I put in $75,000 and nobody else invested money.
Owner 3 is now trying to put the patent in their name as well as take control of the company through sweat equity or something like this that he probably doesn't understand.
Do I pay the person the back pay (started in March)? They refuse to give me their bank info to allow me to pay them so I assume they are trying something slick.
Business Ownership: Florida Sub-S Needing Help with Patent Ownership
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