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Software Development Business Partnership Agreement Contract
Anonymous7 views4 answers
We are developing a Mobile App concept that can potentially be worth a large amount. We are at the ground level and need to draw up contracts
4 individuals:
1st Investor- 30% (1/3 of needed investment contributed)
2nd Investor - 30% (1/3 of needed investment contributed)
3rd Investor - 30% (1/3 of needed investment contributed)
4th Investor - 10% (This investor is the programmer, they will be responsible for delivering the developed software, upon delivery they will be rewarded 10% of the company)
The App is NOT a money generating App, no revenue split. This is in the case of a sale, and or if we make it profitable in the future.
The 4th investor, the programmer is being paid for their programming to create the project; by investors 1,2,and 3
You will probably need a joint venture agreement or partnership agreement. Do you have a business entity you are operating under? For example, if you have an LLC, this could be addressed in the operating agreement.
A full consultation would be necessary to properly advise you.
You have not asked a question, so it is difficult to know precisely what your concern is.
You almost certainly should form a legal entity (corporation or LLC). You should retain an experienced business lawyer to help ensure that the entity is formed properly and that the appropriate ownership agreement and other documents are in place.
You can use the Find a Lawyer function at the top of the page to identify lawyers who can provide the services that you need.
The amount of legal contracts or legal protection that you need is in direct proportion to the amount of investment at risk. The higher of investment at risk, the higher the need for legal protection.
The investment risk is determined by many factors that should be discussed in confidence with your own private attorney.
You may need to take several things into consideration such as risk and liability. I think you are looking at what needs to be entered into to protect yourselves as much as is possible, while also laying out in the document the expectations as to how this business is too work and function. You really need to sit down with a good business or contracts/agreements lawyer and have the lawyer draft up whatever you need. Best of luck.
