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Business Acquisition

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gameguy33

Member
I am currently in college and I am in a group of 7 people running a business for one of my classes. Technically the business stops operating once the semester is over. However once the semester is over, I am hoping to take over the whole business with one other person who is currently in my group. I am curious how we go about acquiring the business (operations, name, logo, social media accounts, etc.) so that the two of us can run the business ourselves.

Would we need to "buy out" the other members? The name and logo is currently not trademarked, so if we go about acquiring one ourselves are we legally obligated for them to maintain a 1/7 share of the business?

I have no legal background or much of a business background for that matter as I am only a sophomore in college, so any help at all is appreciated. Thanks in advance.
 


LdiJ

Senior Member
I am currently in college and I am in a group of 7 people running a business for one of my classes. Technically the business stops operating once the semester is over. However once the semester is over, I am hoping to take over the whole business with one other person who is currently in my group. I am curious how we go about acquiring the business (operations, name, logo, social media accounts, etc.) so that the two of us can run the business ourselves.

Would we need to "buy out" the other members? The name and logo is currently not trademarked, so if we go about acquiring one ourselves are we legally obligated for them to maintain a 1/7 share of the business?

I have no legal background or much of a business background for that matter as I am only a sophomore in college, so any help at all is appreciated. Thanks in advance.
Its possible that the school has some ownership of the business if its being done for a class. You should definitely speak to your professor about it before going any further.
 

gameguy33

Member
State is Indiana. No LLC or any other entity has been created. Business is our own, we received a loan through the school for start up costs but the school owns no part of the business.
 

gameguy33

Member
Its possible that the school has some ownership of the business if its being done for a class. You should definitely speak to your professor about it before going any further.
We received a loan but the school owns no part of the business
 

quincy

Senior Member
We received a loan but the school owns no part of the business
I would check with your professor. You could be surprised by what rights you signed away to the university when you enrolled.

IF you and your group have all rights to what you created (business, name, logo, etc), you would share these rights equally, absent any agreement you made to the contrary. IF there is equal ownership, you and the members of your group can negotiate an agreement that satisfies all of you.

But I urge you to speak to your professor first. Universities often hold the rights to all that is created by students in their classes.
 

gameguy33

Member
The two of you that want to continue the business are going to have to come to some terms with the others.
So come up with a number to buy them all out of the business in exchange for the business and everything with it (name, logo, social media accounts, etc.) and get it in writing?
 

LdiJ

Senior Member
The two of you that want to continue the business are going to have to come to some terms with the others.
I agree, but I still think that you should at least run the idea by your professor before getting too much more into the idea.
 

gameguy33

Member
I would check with your professor. You could be surprised by what rights you signed away to the university when you enrolled.

IF you and your group have all rights to what you created (business, name, logo, etc), you would share these rights equally, absent any agreement you made to the contrary. IF there is equal ownership, you and the members of your group can negotiate an agreement that satisfies all of you.

But I urge you to speak to your professor first. Universities often hold the rights to all that is created by students in their classes.
Sounds good I will check on that. Thanks so much!
 

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