Legal Question in Intellectual Property in Colorado
Retaining IP after dissolving an LLC.
I need to terminate my LLC, because my partner failed to perform up the the level in our operating agreement. When I terminate the LLC I would still like to retain the software our company developed for future use. I don't care if my partner does as well, I just need to know if he can stop me or capatilize on use of our software in the future. Thank you.
1 Answer from Attorneys
LLC assets
Louise Aron
Attorney at Law
Lakewood Office:
1536 South Ingalls
Lakewood, Colorado 80232 USA
(303) 922 7687
fax (303) 922-1370
Cherry Creek Office:
300 South Jackson #100
Denver, Colorado 80209 USA
(303) 780-7339
Satellite offices:
Boulder - 4450 Arapahoe Avenue, #100
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A TOLL FREE NUMBER is available to clients outside the Denver metro area.
web site http://effectnet.com/la/
email: [email protected]
LawGuru User
Dear LawGuru User:
If there is nothing in the operating agreement or in any other document regarding ownership and use of the software or disposition of the LLC's assets upon termination, then the property of the LLC would most likely be divided by a court in proportion to the members' interests in the LLC.
Without express terms, and assuming that the members own equal interests in the LLC, the software belongs to the members equally. The members need to agree among or between themselves on how the software is to be used. If the members cannot agree, I believe that they each have the right to do with the assets what they wish.
Please let me know if you have further questions.
Thank you for contacting LawGuru.
Sincerely,
Louise Aron
web site http://effectnet.com/la/
email: [email protected]
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