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I started a partnership with a colleague in November and we filed for an LLC in February. Along the way we experienced conflicts regarding the direction of the company and I have currently decided to relinquish my duties with the company and restart a new company while she continues the LLC. However, she wants me to sign a contract banning me from competing in the same area for a fixed term due to me having learned all of the LLC's current model and ideas. Is this legal?
A little background of the situation....The business is an online delivery service, that is still in the stages of development. Neither of us signed any agreements such as an NDA. Does she have the power to legally stop me from starting my own business?There was no operating agreement that was signed which addressed this issue as well.
LLC (limited liability company) Business partnerships Business contracts Non-disclosure agreement (NDA) Non-compete agreements for businesses Breach of contract Intellectual property Trade secrets Business Non-compete agreements and employees State, local, and municipal law LLC operating agreement