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My cousin came up with a product (its a topical cream) need a contract for the percentage split not sure where to start, plus how to protect product?

1 Answers. Asked on Dec 21st, 2016 on Contracts - California
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My cousin created this product and I am providing the funds to produce, package, and market the product, it is starting to sell and become popular, we agreed that we need to have a percentage contract drafted and look into protecting our product, do not know where to start also not sure if this pertains to contracts, patent, trademark, or product liability? ??
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Answered on Dec 21st, 2016 at 5:10 PM

There are a number of ways to do this, but you almost certainly want to start by setting up a corporation or limited liability company. The agreement governing each person's percentage of ownership, etc., would be set forth in a shareholder's agreement or operating agreement, depending on which entity you choose.  A corporation or LLC will also protect both of you from potential product liability issues. 

Happy to discuss if you would like.

Thanks,
Jon

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Contracts
Most people and business enter into contracts on almost a daily basis. Simply put, a contract is a legally binding agreement between two parties. One party makes an offer to do something in exchange for "consideration," or payment, and the other party accepts that offer. Contacts can be verbal, in writing or even implied. Some contracts--such as signed credit card receipts--are very simple. Others--such as those used to buy or sell real estate--are far more complicated. If you are entering into a complex transaction, it pays to hire a contract law attorney as early as possible in the process. Your lawyer can help negotiate the terms and conditions of the agreement, then draft the contract or review the contract that has been presented to you. Law firms with experience in contract law can also defend you if you or your company has been accused of breaching a contract, or if you need assistance enforcing a existing contract.
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