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I have been working on a project for about 4 years it was a hobby that turned into something much much more. over the past few months i had to shut down my website and revamp it because i was unable to keep it running as it became way to big for me to handle. I needed to raise 20,000 to rebuild the website and had someone interested.
they asked me if they could have a family member look at my project becasue it was to complicated for him but his family member did this type of work and is very big into tech companies
after seeing what i had to offer this family member wanted in and also is interested in an equity stake of my idea and also wanted to be the lead programmers to build my new company
in december of 2012 i contacted a freind of 20 years we dont speak very often but consult on business from time to time. he has many licenses and is a finop for a broker dealer.I asked for help in setting up my business so i could accept money from an investor to make it all legal.
once i let him see my project he wanted in and wanted to help build the business plan and beleives i can raise 30 or 40 million due ot the uniqeness of my project.
I also went to see an attorney showed him what I have and he advised me to get another attorney because he would also like to be part of my idea and to make sure there is no conflcit of interest. he wants to build an llc and help me organize it and be apart of the new company and help me raise money. they beleive it may be the next facebook.
Now im stuck no one wants to be paid for services but all parties that have seen my project want an equity share of the business idea.
the person who wants to be the lead programmer turns out that he is as popular as the head of microsoft not them but he is that big. he has the resources to take my idea to the next level but he is not asking for very much he is trying to help me each step of the way and has not asked for any terms yet.
however the the lawyer and the friend wants to be apart of my new business as owners.
i know if i go the vc route i will be giving up 51% and then how do i failry ad the attorney and the finop when i did all of the work but they can help me legally, they understand business and money much better than i do.
whats fair to give them when they really have not done much except a few words on an unfinished business plan and help forming an llc who whats is fair for me to split it up with them.
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