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Re:joint venture (1 viewing) (1) Guest
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TOPIC: Re:joint venture
#6653
tuvok (User)
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joint venture 7 Years, 8 Months ago Karma: 0  
I want to enter into a joint venture with another person. The other person will be contributing some property and i will be bringing-in the clients. My question is whether i need to include my partner on a patent that i am developing that is related to the joint venture business or whether i should have him sign off on it saying that its not his property? How do i go about protecting my patent so that my partner doesnt say that its his too?
 
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#6673
B Line (User)
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Re:joint venture 7 Years, 8 Months ago Karma: 0  
if you have a patent number then identify the patent by number as your separate property. If you dont have a patent number, then your JV partner may claim that he is a co-author of the patent. Definitely consult with your patent attorney before you make a move.
 
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#6683
steve (Admin)
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Re:joint venture 7 Years, 8 Months ago Karma: 3  
Thats great advice B Line.

I would add one more thing. The Internal Revenue Code places a value on capital contributions into a business (e.g. the money you put into the business), but not labor or "sweat equity" (i.e. the future services that you will perform for the new business, E.g. bringing in the clients to the company). So, if your partner contributes a patent worth $50,000 into this new company and you receive a 50% interest in the new company, then the Internal Revenue Service (IRS) will state that you receive $50,000 of value. That mean that you will be required to pay taxes on the $50,000 of "phantom income."

Consult with your tax advisor for more details.
 
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