Audio By Carbonatix
By Sarah E. Needleman
When starting a business these days, it may be wise to document the role played by everyone who helped you get it off the ground. Should your company become a raging success, chances are some of those folks will try to seize a piece of your fortune in court.
Perhaps Facebook co-founder Mark Zuckerberg wishes he’d done this. Cameron and Tyler Winklevoss sued him, resulting in a 2008 settlement costing him $20 million in cash and $45 million in Facebook stock. Recently, the twins tried but failed to back out of the settlement, claiming they were duped about the valuation of Facebook. (Read “Winklevoss Twins Can’t Back Out of Deal on Facebook, Judge Says.”)
And on Monday, an amended complaint was filed against Mark Zuckerberg from a New York man who last year said he was entitled to a large stake of Facebook. The complaint includes excerpts of emails between the plaintiff Paul Ceglia and Mr. Zuckerberg. (Read “Ceglia Presses Facebook Case, Adds Emails.”
Of course, keeping track of the relationships you have with friends, family, classmates or anyone else who may be willing to lend you a hand while you build a business would likely be difficult. Entrepreneurs have a lot on their plates, plus copious recordkeeping could prevent those relationships from being of much value.
But given the potential consequences, being able to prove you were truly the brains behind what may one day become a booming enterprise could end up worthwhile.
Readers, should entrepreneurs document their relationships with the people that help them get their companies off the ground? Or is their time and energy better spent just on growing their businesses?
Source: Wal Street Journal
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Tags:
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Latest Stories
-
See shimmering new satellite image of Lake Bosomtwe showing gold glitters surrounding it – Earth from space
8 minutes -
ECG restores power at Tanyigbe SHS after week-long outage
18 minutes -
Bolivian president warns country at ‘breaking point’ after month of protests
58 minutes -
Jill Biden says she thought husband was having a stroke during 2024 debate
1 hour -
Countries tighten travel rules as Ebola risk rises
1 hour -
Gold hits two-month low as US-Iran tension stokes inflation fears
1 hour -
Toyota sales drop for third month on declines in China, Middle East
1 hour -
Trump refiles $10bn defamation suit against WSJ over report on Epstein ties
1 hour -
Kenya school fire kills at least 10 students, media say
1 hour -
Don’t cry urgency – Majority Chief Whip warns NPP over LGBTQ bill debate
2 hours -
We can pass it by Friday – Dafeamekpor signals rapid move on LGBTQ bill
2 hours -
We are not reenacting anything – Majority Chief Whip defends swift LGBTQ bill push
2 hours -
LGBTQ bill will be passed in weeks, not months Majority Chief Whip Dafeamekpor
2 hours -
Thai court acquits opposition politician accused of royal insult
2 hours -
Google worker charged with using internal data to make $1.2m on bets
2 hours