I'm forming a development partnership with a friend. I'm bringing to the talbe a valuable domain name appraised in the low to mid $xxx,xxx range, as well as a solid business plan/strategy for developing the name. He's bringing some solid business and fundraising experience, a host of great contacts and
I have a number of concerns what will happen to my domain name if this partnership doesn't work out and we're trying to structure our partnership agreement to alay these concerns. However, we're just not sure how best to do this. Should the contract have a buyout clause that will allow me to buy back all rights to the name and the business for a predermined amount of money (e.g. dependent on how long the partnership lasts and/or how much money we are eventually able to make)? Should the new company grant me 51% of the shares so that I maintain a controlling interest?
We both plan on consulting with an attorney experienced in this field (i.e. intellectual property and contracts), but I'd really like to have some suggestions/advice from any of you who have gone down this road on how to best structure this deal in a way that my asset and idea are protected in the event that things go wrong with the partnership.
Thanks in advance for your help!!!
Andy
I have a number of concerns what will happen to my domain name if this partnership doesn't work out and we're trying to structure our partnership agreement to alay these concerns. However, we're just not sure how best to do this. Should the contract have a buyout clause that will allow me to buy back all rights to the name and the business for a predermined amount of money (e.g. dependent on how long the partnership lasts and/or how much money we are eventually able to make)? Should the new company grant me 51% of the shares so that I maintain a controlling interest?
We both plan on consulting with an attorney experienced in this field (i.e. intellectual property and contracts), but I'd really like to have some suggestions/advice from any of you who have gone down this road on how to best structure this deal in a way that my asset and idea are protected in the event that things go wrong with the partnership.
Thanks in advance for your help!!!
Andy