by Kitfox  14/11/2012  696 Page Views
2 Comments  Commercial law, litigation, contracts, IP, property law
I have entered into an partnership where a business has been registered but no formal partnership agreement has been agreed to. The business was founded on a concept of my own that has been now developed into a software program that has cost approx $60K. I have provided most of the data base or interlectual property, design concept and ongoing support through an Off Shore software company who was contracted to develop the program. My partner has had significant IT input, this being his area of expertise. My question is,Should the business relaltionship deteriorate (which it has) how do we legally decide how the business is fairly devided. The only asset is the software that we estimate to have a 6 figure price if sold. Capitalisation input has been equal throughout the business relationship with all costs shared. Do I, as the designer have a larger potion than my partner or should it be devided equally?