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?
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.
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Attorney Brennan has given you an excellent answer. I would suggest that you follow his advice.
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I agree with John. Best of luck - Reese Serra
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