Intellectual Property Law

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Three parties are interested in working on a technology

product together: company A, company...
Three parties are interested in working on a technology product together: company A, company B, and individual C. What are the options for them to work together from legal perspective, and which option has the least risks from IP perspective? Thank you.
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Answered in 10 minutes by:
3/19/2018
Attorney Wendy
Category: Intellectual Property Law
Satisfied Customers: 939
Experience: Member at Keefer & Keefer LLC
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Hello. My name is ***** ***** I am an attorney. I am working on a response to your question and should have that to you soon.

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The most important thing in this scenario is making sure that whatever agreement or entity is formed (if a separate entity is formed to take on this work where the three companies are principals in the new entity) specifically spells out who will own any developed product. You can have just one company own the product, all three, two, whatever and in any percentage ownership, you just want it spelled out. Typically, if individuals or companies work together and to not spell out what their relationship is, it will be deemed by default a partnership with equal interest. Thus, you may want to consider just a joint venture agreement or contract wherein each company has specific responsibilities and where any developed product's ownership for patent or trademark purposes is spelled out; or you may want to form a partnership, LLC or other entity to undertake the development with the governing document (Operating Agreement for LLC, Partnership agreement for partnership, or Bylaws for corporation) identifying percentage ownership versus percentage of profit/loss. The downside to a new entity is that the state in which you form the entity will dictate formalities for the entity; the upside is a straightforward way to split up ownership of the potential property while being able to divide profits or losses differently (though that could be done in just an agreement to). If the company's regularly engage in other work, some sort of cooperation/joint venture agreement may be best.

I hope that helps. If you need further assistance, please reply to this email. If I answered your question and provided excellent service, I would greatly appreciate your 5 star rating at this time.

​Please note: This information is ​for educational purposes only and is not legal advice. No course of action is being proposed and no attorney-client relationship or privilege has been formed as a result of this conversation.

Attorney Wendy
Category: Intellectual Property Law
Satisfied Customers: 939
Experience: Member at Keefer & Keefer LLC
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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