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.
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.