Legal Question in Intellectual Property in California

3 People patented a product, 2 of the people then formed an LLC, and are now selling the product. What do we owe the 3rd person? We understand there are royalties, but how do we determine royalties? The 3rd person is claiming 33.3% of the net profit.


Asked on 12/10/11, 9:40 am

1 Answer from Attorneys
George Shers Law Offices of Georges H. Shers

I must presume there is more information then what you have provided. based upon what you said, the two of you misappropriated his right to the product and should have to pay at least 1/3 of the net profits. But you need to provide more information as to any agreements made among the three of you, whether there are any profits [if no, the patent still has value and the third party is entitled to 1/3 of the value].

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Answered on 12/10/11, 10:13 am


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