How can I assume full ownership of a co-owned business?

UPDATED: Jul 30, 2012

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How can I assume full ownership of a co-owned business?

Recently I created a brand with another person. We have split ways and no longer work together. The logo and name were never trademarked but we do have a website and other social media accounts under it’s name. Do I have legal rights in claiming the business as solely mine? If I purchase a trademark license for the name/logo/brand, does this make me the sole owner? What are the other persons rights?

Asked on July 30, 2012 under Business Law, Minnesota


FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

If you have a business as a partnership, corporation or limited liability company with another person, then for you who own the entirety of such, you need to have a written buy out agreement prepared by a competent business attorney dated and signed by all where you give something of value to the other person in exchange for full ownership of the business enterprise.

The items you are presently acquiring for the business conceivably are owned by the other person you have written about.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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