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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 88775
Experience:  All corporate law, including non-profits and charitable fraternal organizations.
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My business partner invented a multi task self assist tool

Customer Question

My business partner invented a multi task self assist tool that is patent pending. We have formed a Corporation, him being the President & Secretary, me being the Vice President & treasurer, each owning 50% of the no par value stock. We need to assign the patent / invention to our newly formed corporation. What is the easiest, fastest, legally binding way to accomplish this and is it something we can do on a online form where we fill in the fields with our information that we can print out and have notorized ? And if so where can we find this form
Submitted: 4 years ago.
Category: Business Law
Expert:  Law Educator, Esq. replied 4 years ago.
All you need to do is fill out an assignment of patent rights: http://www.freepatentforms.com/assignment.htm and make sure that you also have an agreement that notes that in exchange for the assignment of those rights the owner received good and valuable consideration for assigning those rights to the corporation. Additionally, in your operating agreement/bylaws you need to address how the patent will be dealt with if the party ever leaves the company.

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Customer: replied 4 years ago.
tHIS FORM IS TO GENERIC, WE NEED A MORE CUTOMIZED ONE FOR OUR SITUATION
Expert:  Law Educator, Esq. replied 4 years ago.
Please allow me to explain. The way the law works and lawyers work is they would take the generic form such as that one and modify it to suit the needs of your particular project and you can do this yourself or you can go to an Intellectual Property Attorney and it will cost you roughly $250 per hour and up to have the attorney revise the form. You have come here to save a good bit of money and I provided you with the basic form (since I do not even know your exact circumstances sufficient enough to even have modified the form if I would have wanted to) and this service provides information to individuals such as yourself looking to save money as to how to start towards the direction they need to go in to resolve their situations.

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