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Can I re-negotiate the equity percentages in a pre-partnership

agreement?...
Can I re-negotiate the equity percentages in a pre-partnership agreement?
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Answered in 1 minute by:
3/2/2012
Richard
Richard, Attorney
Category: Business Law
Satisfied Customers: 56,018
Experience: 32 years of experience practicing law and a businessman.
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Good morning. You can always agree to change the arrangement with your other partner(s), but they must agree to any changes. You can not unilaterally change ownership interests.

 

 

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Please be aware that the information provided here is not legal advice. Rather it is simply general information. All states have intricacies in their laws and any information given is simply information only and specifically is not intended to be, nor does it constitute, legal advice. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

 

 

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Customer reply replied 5 years ago
Even if we have not incorporated the business yet? And, if so, is simply dissolving the partnership, but retaining my intellectual property, a viable alternative?

An incorporation is simply another business form. You can dissolve your current partnership, but if the partnership owns the intellectual property, each partner is entitled to its interest of such property.

 

 

Richard
Richard, Attorney
Category: Business Law
Satisfied Customers: 56,018
Experience: 32 years of experience practicing law and a businessman.
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Customer reply replied 5 years ago
Is there a way to determine if the partnership owns the intellectual property based on the verbage that may appear in the agreement? FYI, the other party prepared the pre-partnership agreement that is the subject of this message and it only indicates an intent to start a business and what that kind of activities the business will engage in once formed.
If there is only basically a letter of intent and no formal transfer document conveying the intellectual property to the partnership has occurred, whoever owned the intellectual property before the letter of intent still owns it.
Richard
Richard, Attorney
Category: Business Law
Satisfied Customers: 56,018
Experience: 32 years of experience practicing law and a businessman.
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Richard and 87 other Business Law Specialists are ready to help you
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Customer reply replied 5 years ago
Awesome. Thanks so much for your help. I think I'm going to take the agreement to a local lawyer so that I can have it reviewed and figure out what the best course of action is. Thanks again.
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