Monday Aug 22, 2005

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i told one of my best friends about this business idea that i've had for years. she loves the idea and we always used to fantasize about opening up this business together. well, she just got financial backing and wants to use my idea. the problem is that she wants to move to texas and open the business there (which i'm not so into).
she asked me how i felt about it and i told her that i would be ok if she used the idea, but that i would want to be a part of it in some way (basically, i didn't want to give up the idea without some sort of compensation). she said that she would talk to her business backer to see what they might suggest.
i do not want to get screwed here damnit. i feel like i need to talk to a lawyer or something, but i feel weird because it's my friend.
any thoughts on what i should do?
kiss
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twinkie:
I derno. I always think it's a good idea to get business things in writing, because it simply just helps to avoid future drama. I have a client/writer who wanted to collaborate with a friend on verbal agreement, and I absolutely begged and begged and begged for them to sign something. It seems icky up front, but you never know what will happen down the road. As for exactly what kind of compensation or what kind of deal you have with the friend...well....perhaps that's something for a lawyer or experienced business person could help you with.

I keep refusing re: the red lipstick, too!!! I have a horrid lipstick drawer full of neglected reds! And you bet I'll keep buying them!
americanzero:
You are entitled to compensation based on intellectual property laws that are currently in existance. The compansation should be based on a percetage of what the business grosses, because if you simply get a fee up front and the business takes off, you are basically getting screwed. I can give the name and number of an attorney the works for an intellectual property law firm downtown.

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