I just got terminated because my employer ran out of money. What do I do?

I revamped his entire company over the past 5 months with verbal commitment of partnership and certain monthly salary (all of which he didn't follow through with.) In revamping, I hired a sales staff and trained them. Trained office staff. Created entire marketing materials and sales kit. Then contacted nearly 100 companies which some day will turn into business for him down the road. Gave corporate presentations and presented at trade shows. During this time he payed his personal bills with business money and spent money poorly while his wife screwed up the books (all while paying her off the books.) Do I have any legal recourse on this guy...I've got a family to feed and no job.

Asked By: skymer - 1/12/2007
Best Answer - Chosen by Asker
The verbal commitment was your mistake, even though a verbal contract is supposed to be valid... Unfortunately, without something in writing, you will have a difficult time proving your case. Consider starting your own company doing the same thing and compete with him. You already know all the contacts. Start by... More
Answered By: morlock825 - 1/12/2007
Additional Answers (3)
find a corporate lawyer and make sure you have proof to back up your claims.
Answered By: Tapestry6 - 1/12/2007
I don't get why, if you're smart enough to have done all that, you had no contract. What legal recourse? If there's no money, there's no money. Why not take the 100 new contacts and start your own company. .
Answered By: Kacky - 1/12/2007
Hire a professional to help you prepare a first class and most effective resume and get it out there. Hop right to it, be positive and go about looking for a new job as if the search were your job. Good luck!
Answered By: Jack P - 1/12/2007
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