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?

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? ??
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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