How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Maverick Your Own Question
Maverick, Attorney
Category: Legal
Satisfied Customers: 6392
Experience:  20 years experience as a civil trial and appellate lawyer
Type Your Legal Question Here...
Maverick is online now
A new question is answered every 9 seconds

I am starting a video marketing company in the real estate

Customer Question

I am starting a video marketing company in the real estate market, show casing homes. The thing is i am doing a 50/50 partnership with my close friend of mine. He came up with the name on a whiteboard and I cam up with the idea to do the business. We have been working back and forth to start the business. We text, we send pictures of deadlines and ideas from our whiteboard which is in my house. But we have not signed a single agreement. No papers have been signed assigning our roles or our ownerships. We have not met or made money yet. I want to strikeout on my own because while he is helpful and brings value, he doesn't want to devote 100% of his energy into the business like I have. I cut hours from my job and had to end my relationship for this newly intense startup. He on the other hand likes to do a little business, hangout with his girlfriend, be with his family, see friends, do other things for school. He's very unresponsive when it comes to business, yet he wants to be 50/50. So I am wondering If I am abel to Leave him and start the business without him, without getting sued?
Submitted: 1 year ago.
Category: Legal
Customer: replied 1 year ago.
Excuse my typos. I obviously was in a hurry and did not check over my work!
Expert:  Maverick replied 1 year ago.

Welcome to Just Answer (“JA”)! My name is Maverick.

Note: (1) If you want legal advice, consult with a local attorney before acting or deciding not to act; information given here is for educational purposes only; (2) Most questions are answered within the hour; however, if I am not signed on, please allow up to 24 hours; and (3) Please assign a feedback rating so JA will compensate me. By continuing, you confirm that you understand and agree to these terms and to JA’s other site disclaimers.

ANSWER: Since there was no partnership signed between the two of you, whatever has been produced by the two of you until this point in time will likely be viewed by the courts as being owned 50-50. It appears that this was also your understanding when you two started the business. In order to keep from being sue, you will need to buy out his 50 percent interest and obtain a release from him. In that agreement you will need to itemize what it is that you believe the partnership owns as of this date that is of value and assign a fair market value to each asset that he is agreeing to transfer for you. That's how you come up with the price you would pay 50% of to buy him out.

Customer: replied 1 year ago.
you will need to buy out his 50 percent interest and obtain a release from him.
Customer: replied 1 year ago.
how can I pay him his 50 percent interest. we haven't put in any money into the business? and obtain a release from him.
Customer: replied 1 year ago.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Expert:  Maverick replied 1 year ago.

You said that he came up with the name. If the name has any originality to it and you want to use the same name; then he could claim a trademark interest in the name down the road. So, if there are not other assets, then at least buy the right to use that name from him. Here is a form to do that.