QUESTION
My cousin came up with a product (its a topical cream) need a contract for the percentage split not sure where to start, plus how to protect product?
Asked on Dec 21st, 2016 on Contracts - California
More details to this question:
My cousin created this product and I am providing the funds to produce, package, and market the product, it is starting to sell and become popular, we agreed that we need to have a percentage contract drafted and look into protecting our product, do not know where to start also not sure if this pertains to contracts, patent, trademark, or product liability? ??
1 ANSWER
2 Awards
There are a number of ways to do this, but you almost certainly want to start by setting up a corporation or limited liability company. The agreement governing each person's percentage of ownership, etc., would be set forth in a shareholder's agreement or operating agreement, depending on which entity you choose. A corporation or LLC will also protect both of you from potential product liability issues.
Happy to discuss if you would like.
Thanks,Jon
Answered on Dec 21st, 2016 at 5:10 PM