Re:Ask HN: New founder in need of advice
by newstartupguy on Monday August 19, 2013 @03:47PM
(#6239319)
No, we're good friends... We've been more focused on just getting going. Admittedly stupid on my part, but if anything does go sour, I own all the code and all tech stuff is in my name.
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Re:Ask HN: New founder in need of advice
by dylanhassinger on Monday August 19, 2013 @04:11PM
(#6239472)
you are naive to keep working without your arrangement written in stone.
You're good friends - for now. That can change in an instant.
Code "ownership" doesn't matter if he can afford better lawyers than you.
Re:Ask HN: New founder in need of advice
by newstartupguy on Monday August 19, 2013 @04:33PM
(#6239612)
I agree with you and will be rectifying it soon.
I've been in this position 3 times now. Trust me - you want to get documentation signed as soon as possible (yesterday, really). When money and equity is on the line, "friendship" can, and often does, go out the window in an instant.
If you assume your market rate, you can figure out how much money you would have drawn as a salary (since it's unpaid), and consider that as an investment. Compare that to the 80k he's put in, and maybe that will help settle the numbers.