Can my friend claim his partnership in my record company?

Asked 12 months ago - Saginaw, MI

Creating a record company (for example "XYZ Records") for our city was are idea, however we never had a written agreement on this. Two years ago I created the record company (a C-Corp) but named it "XYZ Entertainment", and my friend claims so deeply its OUR company, when in reality I've done all the legal paperwork and process while he made a bunch of songs shouting out the company name "XYZ Records" (who isn't a artist on my label). Can he actually get his share of the company? Can I sue him if he decides to claim or shoutout my label name or uses any property of my label without my company written permission?

Attorney answers (3)

  1. John F. Brennan

    Contributor Level 18

    5

    Lawyers agree

    1

    Best Answer
    chosen by asker

    Answered . Your friend, if he had nothing to do with the company, and was promised nothing for his efforts, has no claim.
    That fact should be reflected on the books of the corporation and in its tax returns filed since its inception.
    If the corporation has properly protected its intellectual property there should be no issues, although it do not know how the corporation would have gained rights to his songs or shouts.
    Again, as I have for the last few years, I recommend you seek counsel. Things appear to be getting more complicated and therefore will be more expensive to fix if the issues are not prevented.

    To the PROSPECTIVE client, please call myself or another attorney for your choice with more detaiils and an... more
  2. Reese Serra

    Contributor Level 13

    3

    Lawyers agree

    Answered . I agree with John. Best of luck - Reese Serra

    This advise is only being offered as a courtesy. We do not have an attorney-client relationship and I do not... more
  3. James P. Frederick

    Contributor Level 20

    2

    Lawyers agree

    Answered . Attorney Brennan has given you an excellent answer. I would suggest that you follow his advice.

    James Frederick

    ***Please be sure to mark if you find the answer "helpful" or a "best" answer. Thank you! I hope this helps. ******... more

Can't find what you're looking for? Ask a Lawyer

Get free answers from experienced attorneys.

 

Ask now

23,861 answers this week

2,761 attorneys answering

Ask a Lawyer

Get answers from top-rated lawyers.

  • It's FREE
  • It's easy
  • It's anonymous

23,861 answers this week

2,761 attorneys answering

Legal Dictionary

Don't speak legalese? We define thousands of terms in plain English.

Browse our legal dictionary