Legal Question in Intellectual Property in Illinois
Trade mark name... Must it be offered 2 a shareholder first b-4 u offer it 2 and outside source? And under llc rules must u notify other shareholders within a certain grace period before you sell trademark?
1 Answer from Attorneys
This is too complex for this forum. Assuming the LLC actually owns the TM (and it varies depending on whether we're talking state only or federal registration), then you must look at the operating agreement to determine who has the authority to sell assets. Many operating agreements provide for member concurrence at some level for "major decisions" and if the TM constitutes a major asset, that might be the case. So first someone must look at the operating agreement and then at the status of the mark; without doing so no workable answer would be appropriate.
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