What is the name of your state (only U.S. law)? Ft Myers, FL
I am part owner of a Florida LLC involved in producing a yearly, for profit event. I have two partners and the % ownership is 40/40/20 with myself having one of the 40% shares.
Here is the situation:
We are currently dissolvign the LLC due to differences in the direction two of us want to take the company, however we all want to stay in the same industry and produce a similar event with our own companies going forward. While the business doesn’t own many tangible assets, there is equity in the business name, and quite a bit of equity in event name that we currently use (it’s well known, has repeat customers, loyal following, etc). We also have no business debt.
My question is:
Legally what would need to transpire in order for one of the split up partners to use this event name going forward? The way I see it now is that each of us own a portion of that name and the goodwill assocaited with it, and unless we can come to an agreement on its worth no one partner would be able to take it as their own without making the other partners “whole”. If those terms cannot be agreed upon does the name essentially “die” meaning none of us can use it going forward, or is it a race to the trademark office to see who can get it in their individual name first?
Thanks for your assistance,
SRVWhat is the name of your state (only U.S. law)?
I am part owner of a Florida LLC involved in producing a yearly, for profit event. I have two partners and the % ownership is 40/40/20 with myself having one of the 40% shares.
Here is the situation:
We are currently dissolvign the LLC due to differences in the direction two of us want to take the company, however we all want to stay in the same industry and produce a similar event with our own companies going forward. While the business doesn’t own many tangible assets, there is equity in the business name, and quite a bit of equity in event name that we currently use (it’s well known, has repeat customers, loyal following, etc). We also have no business debt.
My question is:
Legally what would need to transpire in order for one of the split up partners to use this event name going forward? The way I see it now is that each of us own a portion of that name and the goodwill assocaited with it, and unless we can come to an agreement on its worth no one partner would be able to take it as their own without making the other partners “whole”. If those terms cannot be agreed upon does the name essentially “die” meaning none of us can use it going forward, or is it a race to the trademark office to see who can get it in their individual name first?
Thanks for your assistance,
SRVWhat is the name of your state (only U.S. law)?