QUESTION
Does this person have a legitimate share of the business despite minimal input?
Asked on Feb 19th, 2013 on Litigation - New York
More details to this question:
I built an idea from scratch and later worked in a group where we developed it as part of the class. After the class, the group split and now one of the members wants to settle for a buy out for working with the business/class. No operating agreement was signed and no money has been placed in the business. Does this person have a legitimate share of the business despite minimal input? Can they sue later down the road? I assume they share intellectual property right but what should I do if I'm not worried about them taking the idea and building it themselves.
5 ANSWERS
Personal Injury Attorney serving Charlotte, NC
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Paul Whitfield and Associates P.A.
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Why are you worried enough to ask and then say you are not worried If you had some agreement, written or not, you need to honor the agreement. I would pay the dude something if the idea is a good one just to make sure he doesnt cause trouble in the future.
Answered on Feb 25th, 2013 at 2:35 PM
Ronald A. Steinberg
You desperately need an intellectual property lawyer.
Answered on Feb 25th, 2013 at 2:35 PM
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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You should be worried if the idea is patentable. You don't say whether you were the teacher or a class member. You say there was no operating agreement, but were there rules for participating in the class as to the ownership of the information? What you can do is build up your idea so that it is worth billions and wait for the lawsuit form the guy who wants to be bought out. Or you could pay him a relatively small amount for a release. Call the Idaho State Bar for a referral for an attorney to help you figure out (1) if you owe anything, (2) does the guy have a colorable claim, and (3) if yes to 1 or 2, prepare a proper release so it does not come back to haunt you.
Answered on Feb 25th, 2013 at 4:48 AM
Michael J. Breczinski
You should do nothing if there is nothing in writing and it was not their idea.
Answered on Feb 25th, 2013 at 12:15 AM
Chapter 7 Bankruptcy Attorney serving Syracuse, NY
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Andrew T. Velonis, P.C.
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Get a lawyer and hash out a deal now while it's still academic. If this becomes worth something someday, it will be much more expensive to resolve it then.
Answered on Feb 24th, 2013 at 11:09 PM