Ownership Agreement

[tippi]

Hello,

I was wondering if an ownership agreement is null and void if no business/company has been formed and the idea is still in early stages of development. I recently had a team meeting where a company agreement was written and signed with the title of the agreement mentioning a "company name". Everything was talked about and agreed upon but, now, I just think that it is strange. However, the team does not yet have a company.

[Freelancier]

So you signed an agreement without having a lawyer review it, and you think that's not strange, huh?

We can't advise you on the specifics of the agreement since we haven't seen the agreement. But there are ways to create an agreement pre-formal company structure that will follow along as the company is formed. But if it was just a bunch of people sitting around writing an agreement, I'll bet the name of the company being in the agreement is the least of its legal issues.

[Business Attorney]

If a group of people get together and share their business ideas without actually forming an entity, there is a good chance that the relationship between the individuals is a general partnership. Partners owe fiduciary duties to each other.

Freelancier is right, the fact that the name of the company isn't in the agreement is probably the least of your problems. You should talk to a lawyer.

[ajointventure]

A couple of pertinent questions come to my mind after reading your post. You had a "Team" meeting! Are these team members already working with you in any capacity? How well do you know these team members? Has anyone approached you for financial backing? Who's idea was it in the first place and who called the meeting? You probably should invest in a meeting with a lawyer before going any further. Do you mind me asking where you are from incidentally?