Dreamstime

Finalize your partnership agreements early on

November 29, 2018 - 3:30 am
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By Amy E. Feldman, Judge Technology Solutions

PHILADELPHIA (KYW Newsradio) — If you and your buddies start a band or invent the best new product, what's the first thing you should do? 

Kevin Cadogan, a founder of the band Third Eye Blind, whose debut album went platinum, recently sued Stephan Jenkins, the other founding member of the band, for re-releasing the songs in a third 20th-anniversary tribute album without telling him or sharing the profits. 

At this point, it's less like Third Eye Blind and more like The Three Stooges poking each other in the eye.  

While you're creating the next big thing, you're focused on making it a success. Everyone knows you should register/ patent/ trademark/copyright and get all kinds of protections for your creation. 
But before you even do that, write up a contract with your co-creating buddies.  

Think big down the road — how much of this product should you get credit for creating? And what if one of you leaves or graduates high school and moves on, but the others keeps working?

Decide how you foresee your future, with or without each other. And then, consider hiring your own lawyers with experience who can guide you to at least a semi-charmed kind of life rather than a punch in the gut if your partner decides he wants Mo.