Question
Me and my co-founder are about to dissolve our startup company. We have 50-50 partnership and completely self funded. We would like to go our separate ways but each of us want to take the technology. What is the best way to deal with this situation ? Can we just license the IP from the current company to each of us and dissolve the current company ? Also we want to make sure that neither of us makes any claims later to the other person. The separation needs to be legally clean. Kindly advise.
Any help is much appreciated.
Answers: 2 public & 0 private
IP constitutes assets - IP is property. As such, each owner of the property has a right to do with it whatever he/she wants. So you can, for example, draft a contract/license, or assignment, stating that each one of you separately has 100% rights to the IP without the need to consult the other party, and that neither party can prevent the other party from using the IP in any way that either one of the parties deems fit.
Steven is right, of course.
One more thing, if you were to "just license the IP from the current company... and dissolve the current company", who would maintain the IP, e.g. pay renewal fees? The IP would go abandoned...
So, the contract or agreement should address this issue, too.
All the best!
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