Assuming this is a Crassula ovata (plant commonly called "jade plant"), It sounds like you're over-watering. Jades are succulents, which basically means they store water, and generally prefer being dry and only watered every two weeks or so.

Here's a blog post (not mine) that explains some of the basics of jade care.

http://houseplants-care.blogspot.com/2007/08/jade-plant-care.html

Let the plant sit in gritty, quick-draining soil for a week or two and roots should start to develop.