Mutiple Domain Owners

[lilguy]

I am going into business in a foreign country with 2 other partners. I don't know my other partners well enough to trust them.

The business, as a legal entity, is properly established between the 3 shareholders. Ownership of the domain name under which the business operates, even if it is listed as a property of said legal entity, is really at the mercy of one person - whomever email address goes in the "legal registrant" field. I can't afford to sue them if they decide to be sneaky, and this is an internet based business - the domain name is everything.

What would be some suggestions to make sure that no changes to this domain name (from legal registrant to name servers) would be made unless approved by all three of us?

 

[DN BROKER]

Hire a Domain Lawyer! and write a contract for it.

 

[lilguy]

yes i can hire a lawyer to draft a contract, but if said contract is broken i'd have to SUE them to make right. is there a technological/3rd party solution for this? seems like an unfulfilled need...

 

[Honan]

I am going into business in a foreign country with 2 other partners. I don't know my other partners well enough to trust them........[/B]

Are you joking?

 

[DN BROKER]

yes i can hire a lawyer to draft a contract, but if said contract is broken i'd have to SUE them to make right. is there a technological/3rd party solution for this? seems like an unfulfilled need...

in your first post, you state their is a trust issue! now you point out, you may have to sue!

It already sounds like a bad partnership :undecided:

 

[Gerry]

If there was no legal partnership, corporation, inc., LLC, Ltd. or something going into this, that was a huge no-no.

Typically all the contact goes to the administrative contact. There is nothing listed as a "legal contact" on the WHOIS. And very doubtful a registrar is going to want to try to sort this out.

I would contact other known partnerships/corporations for advice on dealing with this.

Wrangling over this could be a huge mess.

 

[tekz999]

You have already taken the wrong approach on step 1. I suggest you three hire a lawyer, and the lawyer be the legal registrant.

 

[Stian]

You do not start a business with 2 individuals you do not trust. It's that simple.

 

[raoul]

dont start anything with someone you not trust.

If there is no other way, let a notary hold the domain

 

[lilguy]

Are you joking?

no joke. i'm not investing anything into it, so the only thing i have to lose, besides a few hours of work, is what i stand to gain: a stake in a profitable business, as in i keep my name on the legal entity but this legal entity owns nothing since the domain was moved to another business by a unethical partner.

i am just trying to make sure i will keep what has been agreed will be (partially) mine.

in your first post, you state their is a trust issue! now you point out, you may have to sue!

It already sounds like a bad partnership :undecided:

it IS a trust issue: i can't trust them because i don't know them well so i am trying to protect myself w/o having to recourse to a law suit i possibly could not afford.

If there was no legal partnership, corporation, inc., LLC, Ltd. or something going into this, that was a huge no-no.

Typically all the contact goes to the administrative contact. There is nothing listed as a "legal contact" on the WHOIS. And very doubtful a registrar is going to want to try to sort this out.

I would contact other known partnerships/corporations for advice on dealing with this.

Wrangling over this could be a huge mess.

exactly, and the admin contact's email will not be one of MY email addresses. hence me trying to protect my *** without having to go into the huge mess (aka lawsuit)

You have already taken the wrong approach on step 1. I suggest you three hire a lawyer, and the lawyer be the legal registrant.

now THAT'S an idea! thank you!

You do not start a business with 2 individuals you do not trust. It's that simple.

as stated i really don't have much to lose except a few hours work. and these individuals come referred to me by someone i trust. i am just trying to be cautious because i know things can get ugly when money starts pouring in a business.

dont start anything with someone you not trust.

If there is no other way, let a notary hold the domain

any suggestion on a specific notary or a lawyer that would hold the domain?

 

[raoul]

any suggestion on a specific notary or a lawyer that would hold the domain?

I dont know about the rules in specific countries, but if I open here a company with shareholders, i must go to a notery to sign the "setup".

Ask him, other things that cross my mind are a socalled trust. Noone can own a trust, you can only be beneficiary of a trust, so 3 beneficiary.


In my opinion it all depends on how much money is involved, not in the future but now, in this moment. I have been in a simular situation, we build a VERY profitable business from nothing > 100k profit per year, this guy started working less and less, while I wanted to keep working hard a few years so never need to worry about it again. Thank god we did not have any trust, or notary agreement, i just kicked him, and 2007 profit was 253k (euro )

Point of my personal story, there are much other things to think of instead of only owning the domain!

 

[netpro801]

In my opinion, this doubt you speak of early on should be the first indicator telling you to get out before its too late.

There are times in life when we really need to listen, trust, and take advantage of our gut instincts. Assembling business partnerships/founders is definatly one of those times.
I know this may sound a bit funny but you really need to think of it as a marriage.

Similar court proceedings are very expensive and time consuming. Win or lose.

As you may already know. This money, time, and energy spent on litigation would be much more valuable when it is instead used to build and grow your empire!

If this is a relationship that would involve multiple transactions and ongoing future business dealings, I would highly recommend that you establish a legitimate/legal business entity that outlines officers/principals along with their stake (founder/shareholder percentage) in the company. It would be in your best interest to have this all worked out prior to any new revenue.

Once this has been done. You can then register any existing and/or new assets using the business name.

This can resolve countless problems/issues (large or small) even before they become issues.

Good luck!

Juan
Aka NetPro801

 

[stewie]

Hope it works out... but I would make a quick but small contract with the advice of a lawyer and get on with your business... you are wasting your time thinking about the things your partners might or might not do... Cause you are already in... make the best of it and correct what you can. Start building some trust instead of stirring up negative things in your mind. Hope for the Best and prepare for the worse.

Good Luck :yo:

 

[Sonny Banks]

Don't open a new company with someone you not trust.
Domaining is an individual work...one name only is in the whois so it's better that is your name.

 

[stewmath]

why not just state in the contract who owns the domain name and then the person who owns the domain only have the registrar logon details etc etc.

 

[zangief]

A partnership between two people is hard , A partnership between three people ias harder , A partnership between three people that don't trust each other is impossible.
I suggest you not to start a partnership like this.

 

[lilguy]

thanks to everyone who gave some input. i am going into business w/o a reason to distrust any of my partners. i have referrals that tell me i should trust them.

all i am doing is thinking ahead to minimize possible losses or chances that i will have to go to court. it doesnt hurt.

i will have a law firm be the only entity holding the keys to the domain.

thanks again!

 

[chamac]

Do not go into business with people you do not trust. Listen to your doubts about this business venture and be guided by them.
But if you choose to go ahead, I would obtain legal assistance. There are intellectual property lawyers who know much more about domains than others.

 

[lilguy]

thanks to everyone for their input!

 

[Acquisition]

This thread here shows the power of a good domain name.

The thread starter doesn't own it, and look at all the banter going on here because of it.

Good luck though.

Best,
AQ