Legal Question in Business Law in California

I'm an independent contractor (sole proprietor) who is creating a new product with an existing company/brand. We've verbally agreed to share profits, if there are any, by splitting the income 60(them)/40(me). We've also agreed to share certain expenses of launching the product, such as web design fees, advertising, licensing, etc. at the same rate, 60/40. Now we're getting ready to put the deal in writing. I understand that what we need is an "income agreement" not a partnership agreement, since we are creating a product together but not a new entity. Is that correct? Is there a reliable template, or do we start from scratch? And do we need a separate agreement governing the assets that we will co-own? There are only a few and they're somewhat intangible: a software license for building an app ($1,000), a developer license with Apple ($100), etc., but since I am paying for them in part and they don't expire, I want to make sure I have a say in what happens to them.
I realize that I'll have to pay an attorney to review the contract when it's ready; I just don't have a lot of money to spend and want to make sure it's on the right track before I ask someone to review or revise it.
Thanks!
Laurie

Asked on 1/13/14, 4:06 pm

Neal Rimer Neal M. Rimer, Esquire

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Your facts sound like a partnership or joint venture agreement to me.

Answered on 1/13/14, 6:17 pm

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