What is the name of your state (only U.S. law)? Virgina
My partner and I are starting a business to provide a product that he has developed over the last 18 mos with another partner. There was no written or expressed agreement between the two throughout the 18 mos other than " you go sell the product and I'll give you 25% of the net profit from the sales". No employment agreement, no agreement to share ownership of the intellectual property of how to make the product, no trademark registration of the product, nothing. Things didn't work out between the two and now my partner and I are moving forward with the product. Do I need to be concerned about the ex-partner having any rights to the product once we get started?
Sincerely,
MC
My partner and I are starting a business to provide a product that he has developed over the last 18 mos with another partner. There was no written or expressed agreement between the two throughout the 18 mos other than " you go sell the product and I'll give you 25% of the net profit from the sales". No employment agreement, no agreement to share ownership of the intellectual property of how to make the product, no trademark registration of the product, nothing. Things didn't work out between the two and now my partner and I are moving forward with the product. Do I need to be concerned about the ex-partner having any rights to the product once we get started?
Sincerely,
MC