If you are fairly early on in the process of jointly developing a concept with partners, how would you best protect yourself from one or both trying to run off with it? Letter or intent or just develop an LLC with shareholder agreement?
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Letter of intent with NDA or shareholder agreement?
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Answer:
Depends on if you are making money. If you are, then form the LLC and sign an NDA and write an operating agreement that assigns all related IP, formed jointly or singly, to the LLC. If no money is being made, than just a letter of intent stating that all IP goes to a joint company with an NDA should suffice.
Josh Meyer at Quora Visit the source
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