How can I assume full ownership of a co-owned business?
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How can I assume full ownership of a co-owned business?
Recently I created a brand with another person. We have split ways and no longer work together. The logo and name were never trademarked but we do have a website and other social media accounts under it’s name. Do I have legal rights in claiming the business as solely mine? If I purchase a trademark license for the name/logo/brand, does this make me the sole owner? What are the other persons rights?
Asked on July 30, 2012 under Business Law, Minnesota
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If you have a business as a partnership, corporation or limited liability company with another person, then for you who own the entirety of such, you need to have a written buy out agreement prepared by a competent business attorney dated and signed by all where you give something of value to the other person in exchange for full ownership of the business enterprise.
The items you are presently acquiring for the business conceivably are owned by the other person you have written about.
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