Legal Question in Entertainment Law in Texas

How to form a correct partnership

I have come up with the concept to make exercise videos for children. I met a producer, and we are both willing to split the ener enterprise all profits and losses 50-50. We have had a contract drawn up by an attorney calling it a ''joint Venture'' in one of the paragraphs it says that we do bussiness under the same name and have to file a dba together. Well we do not want a dba together. We do not want to be that close, and have to have a joint checking account. My question is, could we keep the contract the same as a joint venture but instead of getting the dba together, the contract would say something like this.....the parties both agree to operate under there bussiness names but, myself the one w/ the concept, would agree to pay the other 50% of all profits derived. The main thing is that we do not want to share the right of control over a company together..just the video.


Asked on 2/14/03, 1:49 pm

1 Answer from Attorneys
Bruce Burdick Burdick Law Firm

Re: How to form a correct partnership

Yes, this can be structured the way you propose. What you want is a "Teaming Agreement". You may want to consider using an attorney that gives you what you want rather than some form the attorney favors at the time.

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Answered on 2/14/03, 4:13 pm


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