- Why You Shouldn't Fear Copycat Developers Entrepreneur
Am I being asked to be a fool?
I am the Ad/Marketing Director for an "Outdoor Company".
I have to apologize, but I do have to be a little vague.
A few years ago, I had the idea to create a very unique kind of a Event/Festival. I created an opportunity with a friend of mine, who is also one of my clients. Eventually, the owner my my company got involved and a partnership was created, in the form of an LLC between the company I work for and my friends company.
There was a very small start up cost, each company put in $2,000 to cover start up expenses and i brought in the revenue in terms of manufacturers that I do business with.
Here the problem. When th LLC was created, no form of compensation arranged for me. Iniitially, we reimbursed the seed money and split the remaining money three ways. Until the event started becoming successful. At that point in time, my employer started discussing labor as part of my salary.
As it's a separate LLC, we negotiated that I take 10% of the gross and I thought everything was fine.
Now I am being asked to write up, what and how I do things, es well as turn over all copies of my contracts.
Let's face it, this is my ace in the hole.
Do i need to legally turn this stuff over to them? How to I keep myself from becoming used?
You need a lawyer - at least a consultation. You lay out a story but it's the details in the contracts that will determine what happens or doesn't. I will say that you have been used all along, which is your own fault - at least your story makes it sound so. You had the idea and in the end you get 10% of the gross. They are running it and you are an employee, essentially. Sounds like the boot might be coming, too. Happened to Steve Jobs, too. Doesn't matter but I'm guessing REI?11 months ago