Legal Question in Business Law in Michigan

selling out

we are about to sell our 51% of our

company to the unofficial partner.

My wife and I are the originators of

the name of the company from 5

years ago with great forward motion

winning national compititions with

the name. if we sell our part of the

company to break this relationship,

do they keep the name or is the

name ours?


Asked on 5/29/07, 12:49 pm

2 Answers from Attorneys
Audra Arndt Audra A. Arndt & Associates, PLLC

Re: selling out

It depends on what you guys agree to. You don't have to sell the name, you can keep it, but the other party has to agree. You could also license the name for a certain fee, and set a certain period of time on it. Hopefully you are using a lawyer to facilitate the sale of the company to ensure that the paperwork adequately protects your rights, and he or she should be able to help you with this issue.

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Answered on 6/01/07, 7:34 pm
Patrick Tracy Patrick J. Tracy, Esq, P.E.,

Re: selling out

This is an item for the sell agreement that hopefully you'll have an attorney prepare in that you retain the name and you can license it to the business.

Good luck!

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Answered on 5/29/07, 12:55 pm


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