Business Agreements (IP, Licensing & Founder) Law NYC
What Are IP Business, Licensing & Founder Business Agreements:
IP Business agreement:
IP stands for intellectual property and deals with intangible property rights. Common examples of this include copy writing, patents, inventions and ideas. This assigns exclusive rights of the property to the creator or creators. In order to clearly define the ownership and rights a business agreement is created to enumerate those involved and protect them.
IP business agreements are very common in many industries. We find that many times it is not a single person that creates intellectual property, but a research team or institution. Ownership rights can become very complicated when there are more than one person involved or even if funding comes from an outside source.
A skilled IP attorney is capable of drawing up a business agreement that covers a few necessary areas. First the parties involved and their roles must be clearly listed. Second, any technical terms relevant to the industry should be clearly defined. Third, the intellectual property involved needs to be identified. Finally, obligations and responsibilities should be outlined to eliminate any future conflict or discrepancy.
License Business Agreements:
License business agreements are becoming more used in today's market and specifically e commerce. Licensing is a unique agreement where the owner of a IP or brand allows third parties to lease the rights in order to produce and sell products. This is well known with professional sports teams that have IP rights over their team and brand name, however they lease it out to make games, shirts, and shoes. The logo or name does not belong to the retailer or wholesaler but remains with the creator.
Founder business agreements:
A similar entity is a founder business agreement, which is an agreement between the founders of a business entity. Often overlooked, this document can protect the business, individuals and professional relationships. Miscommunication and misunderstanding when creating a new business can lead to a large gray area for who has what role and what compensation will be payed out.
Ownership of the company needs to be included. This is in case one partner wants to leave or sell his share. Dividing profits is also based upon ownership which can significant as a company grows.
Intellectual property also plays a role here, and should be included to protect the intellectual entity and its creator from business dealings.
Entrepreneurs are often in a rush to incorporate, plan and produce, that the IP, license and Founder Business Agreements are easily overlooked. IP law firms and corporate lawyers that have experience in the technical industry and property rights can be fully utilized to protect individual and intangible asserts. Each industry and case should receive special attention to make sure nothing is overlooked.
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