You can divide the equity any way that you would like to and likewise can issue as many or as few shares as you see fit. It all depends on your long term plans for the company really.
Entity formation is very affordable and hiring an attorney for this process will ensure your corporate governance is well put together to meet the needs of how you want your company to operate.
One issue I've seen with clients who have used online platforms for incorporation is that the documents they are provided are kind of "one size fits all" and are not tailored to a Company's industry or specific needs. Thus, while the documents do accomplish the basic goal of getting incorporated - they are not generally that helpful if/when they are referenced by the Members to deal with a dispute, bring on or vote out additional Members, or deal with other issues that arise in the normal...
You will need to review the Bylaws of the company to determine what notice provisions were required for the actions taken. Was there a board meeting? Was it properly called? Did you receive the notice you were entitled to as a shareholder?
There are a number of governance questions that must be answered before your legal options will be clear. Start with the Bylaws and consult with a good business attorney to determine whether the action taken was appropriate.
You can try and negotiate an early termination of the lease but if the landlord is not willing to do that you may wind up liable for any damages associated with your breach.
You may also want to consider looking for someone to sublease the space if that is not prohibited in your current lease, as that could reduce or eliminate the financial impact of you leaving the space.
Bottom line is that as a sole proprietorship you very well may find your personal assets at stake when it comes to...
Richard is correct. If you wanted to learn more about what you are looking to do before sitting down with a lawyer (the more educated you are on the topic the better), start with the United States Patent and Trademark office website (http://www.uspto.gov/) as it has a lot of helpful information.
I would sit down with a start-up attorney and lay out your business plan for them. A lot of attorneys will provide a consultation and identify issues such as entity structure, initial capitalization, and corporate governance that are all important when getting started.
The promissory note should have the remedy in case of default. It would be a good idea to pursue that remedy civilly and then once you have a judgment in hand you can seek an order from the court disclosing the location of the equipment so that you may recover it. Failure to abide by that order could result in the other party being held in contempt.
As stated in the first answer, the best bet would probably be to start with your civil remedies and if the breaching party continues to evade...
You should also look through your governance documents to determine if there is an established protocol for forfeiting your interest, or for dispute resolution. As mentioned in the prior answer, you have statutory rights that can be enforced also, but check the Bylaws to determine what action you may be able to take immediately.
I would talk to an attorney as soon as possible to make sure that your interests are protected and your liability is limited as much as possible.
Consult with a NYC attorney that you can build a long term relationship with. That way when you need documents in the future on a short timeline you'll have someone you trust to call on to get it done for you.