Legal Question in Business Law in Georgia
share a patent but don't want to start biz with partner
A friend and I decided to co-develop a new product and there is a patent pending with both our names on the patent app. We have no written partnership agreement, no company, and 0 profit to date. After 2+ years the product is almost ready but I've been doing 90% of the work and do not want to enter a partnership. I'm okay sharing rights to the patent if it ever issues but partner not agreeable. I'm over it. I want to start my own business and take the product to market. Will the ex-partner have any rights to future profits of the business I am about to create and build? How do I protect my future business?
2 Answers from Attorneys
Re: share a patent but don't want to start biz with partner
Your issues are well beyond what can be answered in a paragraph in a consumer issue-related forum. You need to see a lawyer who specializes (not dabbles) in the formation of businesses. All issues need to be worked out from the beginnning, with the appropriate paperwork and agreements, or it will be problems later -- especially if there is a lot of money at issue.
Re: share a patent but don't want to start biz with partner
You do not need a written partnership agreement to be considered part of a partnership. Whether your friend is also your partner and would have rights to the patent, would depend on the facts surrounding the creation of the patent. Of course, if your friend is willing to sign over his potential rights to the patent to your new company, you would be free and clear.
If you would like to discuss any issues further, please feel free to contact my office. My contact information is below. Thank you.
The foregoing is general information only, not specific legal advice. No attorney/client relation has been created or should be implied.
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