Business question....

[protour_chevelle]

I'm working on a very promising product with a buddy of mine right now. Now I can't let anything out of the bag, BUT I'm wondering, what do I do to make sure that neither one of us does not run with the idea and screw the other one over? I designed the product and have most of the ideas into it, my buddy has the wiring techi stuff down.



Thanks guys!

-Matt

[Matt]

contract.

Talk to a contract lawyer, incorporate, do a no comp. agreement.

You can find forms for most of the stuff free online.

[ProStreet R/T]

Get the prototype working then off your buddy and feed his body to pigs





























Or just get the proper no comp/non-disclosure agreements in effect.

contract.

Talk to a contract lawyer, incorporate, do a no comp. agreement.

You can find forms for most of the stuff free online.

[protour_chevelle]

Could you guys post a link to a webpage for the free forms?

Thanks,

-Matt

[Fluid Power]

Matt,

As a business owner, my advice is see a lawyer. If your idea is worth a toot, start a company, draw up the paper work, and assign titles to each other etc. "free" legal advice or forms you are asking for is worth what you pay for it. If you are worried about the attorney costing money, how do you expect to put out your product? Not being harsh, just being realistic. It takes money to make money and to protect yourself and your idea.

Darren

[YoungGun]

Go to your States home page, they will direct you to the right places. You can apply for an LLC or a Partnership...go with LLC though, you'll actually have liability coverage. The fees are different for each state, the cheapest is around 50$ and most expensive is like 500$ in MA I believe. But there are a few forms to fill out and your States webpage should direct you to them.

Tim

[protour_chevelle]

I'm in Canucker land so I'll have to look into it. Not to toot my horn, but if this product works.... it'll change the mind of many car enthusiasts. Final schematics will be done within a day or so, then I have to get all the parts and build this sucker!

Thanks for the help guys!

-Matt

[Kenova]

Get the prototype working then off your buddy and feed his body to pigs

Harsh man, very harsh.
Ken

[landyacht67]

I'm in Canucker land so I'll have to look into it. Not to toot my horn, but if this product works.... it'll change the mind of many car enthusiasts. Final schematics will be done within a day or so, then I have to get all the parts and build this sucker!

Thanks for the help guys!

-Matt

Its not a new and improved synthetic blinker fluid injector is it? Because I already patented it


Julian

[harshman]

Harsh man, very harsh.
Ken

a-hem easy there. do not use my name in vain.

[protour_chevelle]

Its not a new and improved synthetic blinker fluid injector is it? Because I already patented it


Julian

Close, Adjustable muffler bearing, bearing tensioning servo with a in car controller!

-Matt

[Stokes]

An Attorney's biased view....

See an attorney now. It will cost you less to pay an attorney to do it correctly to begin with (and the terms you and your partner can agree to while you are still on good terms) than to pay an attorney to fix it later.

Chris

[bookends]

http://www.agreementsetc.com/confide...OVMTC=standard

[Mkelcy]

You need to do a number of things:

(a) Establish ownership of the idea;
(b) Establish how decisions will be made;
(c) Set out how expenses will be funded and repaid;
(d) Set out how profits (if you're lucky) are allocated;
(e) Set out how you will dissolve the "partnership" if one of you walks away; and
(f) Eliminate the ability of either party to take the idea somewhere else without compensation.

In addition, you need to protect your idea if it's patentable.

In short, you need to see a lawyer who will (hopefully) ask you a series of questions that will get you and your partner thinking about how you want to structure your future business relationship..

[protour_chevelle]

I figured it would be pretty complicated... The process will move very slow because it would be nice to get all the politics done and the product moving, but I gotta remember that I gotta finish grade 12 with decent grades. If the product is successful or not, I still want an education behind me!

Thanks again guys!

-Matt

[shmoov69]

Depends, give us the details on the product and we will tell you what is best!
No really, we will not tell anyone!!