How To Deal With Intellectual Property (IP) Rights When Dissolving A Partnership
Intellectual property (IP) is a key asset for many business partnerships. The World Intellectual Property Organization (WIPO) reports that the collective value of all intellectual property hit another record high in 2021. When it comes time to dissolve a business partnership, it is crucial that parties take the proper steps to protect their IP rights. In this blog post, our Miami partnership dispute attorneys highlight three key steps to take when dealing with intellectual property rights and the dissolution of a business partnership in Florida.
Step #1: Understand the Value of Your Partnership’s Intellectual Property
Do you know the value of your partnership’s intellectual property portfolio? It is crucial that you and your business partners conduct a comprehensive IP inventory before officially dissolving the partnership. You need to know what your IP is worth before you can deal with winding up the business. Intellectual property includes all intangible assets that are protected under federal or state law, such as patents, trademarks, copyrights, and trade secrets. Once you understand that value of the intellectual property held by your business partnership, you will be in the best position to move forward.
Step #2: Review the IP Provisions Within Your Partnership Agreement
You may be wondering: Who will own intellectual property after a business partnership ends in Florida? The answer depends entirely on the specific structure of your company. As a general rule, the partnership agreement will control your IP rights. Ideally, you will have a comprehensive partnership agreement in place that speaks directly to intellectual property ownership. However, even if there are no IP-specific provisions, the terms of the partnership agreement will still be relevant. If you have any questions about partnership agreements and intellectual property rights, an experienced South Florida commercial law attorney can help.
Step #3: Finalize IP Ownership Before Ending the Business Partnership
Intellectual property issues must be dealt with and finalized before a business partnership is formally dissolved in Florida. What this constitutes will depend on the specific circumstances of your case. In general, it is best to try to work out an agreement between all business partners regarding the future IP rights, including control over any patents, trademarks, copyrights, and trade secrets. Litigation over the dissolution of a business partnership has the potential to be costly and time-consuming. Of course, litigation may be necessary in some circumstances. If you are locked in a difficult partnership dispute over IP rights, a proactive approach is essential.
Schedule a Confidential Consultation With a South Florida Partnership Dispute Attorney
At Pike & Lustig, LLP, our Florida commercial lawyers have extensive experience representing clients in complex partnership disputes. If you have any questions about intellectual property rights and disputes, we are here to help. Contact us today for a strictly confidential, no obligation case evaluation. Our firm handles partnership disputes throughout South Florida, including in Miami, Miami Beach, Hialeah, Fort Lauderdale, Coral Gables, West Palm Beach, and Palm Beach Gardens.