We are a team of 3 and one of our co-founders is a corporate lawyer. The company was set up a month ago, we have not launched, have no revenue or pre-funding. The lawyer registered the company and we all pitched in equally to pay for the company registration fees. This co-founder was unable to cope with the pressure of starting a business and resigned. We accepted their resignation but they had not completed preparing the founders’ agreement so we had not officially signed off on vesting although it was discussed and agreed upon verbally and via email/text messaging.
The co-founder is now demanding legal fees for registering the company and buyout of the shares they have.
Where do we stand legally and what options are available to us? Thanks
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