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What would lawfully be considered as intellectual property?

example: two are in oral agreement of partnership, one owns the name (business license other owns any and all web domains (which is never compensated for hosting, registration etc)
would the domains be considered as assets or intellectual property to the partnership?

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Attorney answers (3)

Reputation Level 20
If the business license and business name are assets of an oral partnership, the general rule is that each partner owns these assets in equal shares. Since these assets are not divisible, one usually buys the other out or agrees to sell for the same price they'd agree to pay, or you can get a neutral 3rd party to determine the asset's value for you.

The domain name's registrar and the City just issue the products to whoever buys them in whatever owner's name they're given, without making a determination of whether or not someone is violating a partnership agreement. If one of the partners has appropriated these and is claiming these assets as their personal assets, the other partner may have to sue, for claims such as breach of partnership agreement and breach of fiduciary duty. You will probably need the help of a qualified business litigator. If the domain name uses the partnership's tradmark, it's also possible to initiate a UDRP proceeding to get the domain name re-assigned.

Disclaimer: Please note that this answer does not constitute legal advice, and should not be relied on, since each state has different laws, each situation is fact specific, and it is impossible to evaluate a legal problem without a comprehensive consultation and review of all the facts and documents at issue. This answer does not create an attorney-client relationship.
3 people marked this answer as good
Bruce E. Burdick
Bruce E. Burdick, licensed in Illinois and Missouri

Reputation Level 14
The intellectual property used in the partnership will probably be considered an asset of the partnership absent an agreement dictating otherwise.

If you would like to discuss any issues further, please feel free to contact my office. My contact information is below. Thank you.

The foregoing is general information only, not specific legal advice. No attorney/client relation has been created or should be implied.
1 person marked this answer as good

Reputation Level 14
The following comments, provided free of charge, do not constitute legal advise nor does it create an attorney client relationship.

Absent an agreement or express donation, each party own its respective assets. An agreement may be construed from the behavior of the parties or partnership, thus paying fees out of the partnership account and other control activities may be construed as an effective donation to the partnership. This issue must be analyzed specifically thus I suggest you contact an attorney
1 person marked this answer as good
Bruce E. Burdick
Bruce E. Burdick, licensed in Illinois and Missouri

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