Legal Help (Urgent)

[ardit217]

Ok, Some guy (i won't reveal names) has offered me a business proposition.
He is from the UK and he pretty much told me about himself but
He seems pretty legit. Although i haven't googled his name.

Back to the problem.
He came to me after he sa a post i made on DP that had to do with his idea (the post was within an irrelevant thread) and well i just chat with him on msn,

He has a really good idea, that can make it big. But he has dried out his funds.
He want's me to invest the money I have in my PayPal to his idea ($160).
He says he has invested alot into it ($400)

&

He says he is going to work on contracts for the partnership.
I even said that I want to see 2 forms of id and see him on his web cam (will eventually talk over phone) but he agreed to it (made him seem more legit)

Well, should i give him the money and hope he doesn't shaft me?
Or do i make a type of contract that we both must sign? if so what type of contract?

Please help ASAP

What kind of project it is? A website or a software or something else?

[ardit217]

I don't want to give it away but its not a website please don't guess what it is im bad at keeping some secrets

[Mega B]

Why the hurry to complete,if it is a good business venture i personally would not hurry it and try and cover every aspect of it before you proceed any further.Albeit you are talking peanuts money wise at the moment but if as you have stated it could go big time then its worth getting everything sorted properly from the start.

This is just my opinion if he is not prepered to get the business foundations down on solid rock at this stage i would start to smell a rat

[temi]

Originally Posted by ardit217

Well, should i give him the money and hope he doesn't shaft me?
Or do i make a type of contract that we both must sign? if so what type of contract?

You can sign and agreement/contract, but it cannot be enforced, besides, the money is way too small to warrant enforcement.

I think you should go for the project, half expecting not to see you money or any return on it.
But if you get some return, then that would be a bonus. If the return on investment is potentially huge, it may be worth giving a go.
Good luck

[ardit217]

its all my earnings online for like 2 months

Im gonna go over it more. He is gonna have to have the coder wait a day or two more. Im gonna hunt him down if he runs with my money. Ive always wanted to go to the UK

[deluxdon]

Originally Posted by temi

You can sign and agreement/contract, but it cannot be enforced, besides, the money is way too small to warrant enforcement.

I think you should go for the project, half expecting not to see you money or any return on it.
But if you get some return, then that would be a bonus. If the return on investment is potentially huge, it may be worth giving a go.
Good luck

Temi i agree with you that the money is way too small but as ardit says that its all his earnings online for like 2 months so i suggest him to decide himself whether to go with it or not.

DON.

Originally Posted by ardit217

I don't want to give it away but its not a website please don't guess what it is im bad at keeping some secrets

Not trying to guess, but knowing what it is (not the idea itself general name of the product) would've helped us to help you. For example, if it was a website then one of you could have had the domain name and the other one access to hosting. This way rights to the product would've been distributed.

From your second post sounds like a software project, if it sounds promising to you my suggestion is to go for it. Make sure you have the copy of whatever work has already been done before you give your money.

[KingPin]

If I was in your shoes I would want to see a 5 year forecast at the very minimum, income and expenditures, where he is at now and his future goals etc etc.

I'd want to know the ins and outs of a ducks ass before I invest money into anything.

Not matter if it was 100 quid or 100,000.

Problem is when you get excited about the idea and the proposer makes it sound excellent you just want to rip out you're wallet then get into it.

I know people that could sell ice to eskimos.

KP

[ardit217]

lol, your right.

I decided to go for it and take the risk
He is still around and i got all is information including documents it all matches.

So, hopefully it all goes well
Thaanks for your input guys