Partner? 50/50? whats fair?

[brodysmama]

I have this "thing" I made (sporting equipment.) I use it all the time and have been for about 2 years. I starting receiving compliments on it. So, I invested in a $30.00 sewing machine thinking I can learn to sew and make a bunch and try to sell them. I showed them to my boss and he immediately said, lets patent it. Now, I have no money for this venture, but he does and is willing to fork it out. He has already paid for the patent search which I just found out today cleared. We are meeting with the patent attorney Monday to continue the process and get patent pending. I need to however, discuss with my boss (who I fully trust.) a partnership and type it up so we can continue.

How do I do this? Are there forms online that I can copy and paste or what? And whats fair? I think 50/50 sounds great, but my brother thinks I'm an idiot if I do. The "thing" is ridiculously inexpensive to manufacture, and we have personal relationships with specific distributors that would absolutely buy them. My Boss holds several successful patents already on his own, so his experience is valuable to me. And I won't have to quit my day job, more like add it to my day job.

Any help from you guys would be appreciated and please, take it easy on me, I'm no business major.

[MASapparel]

From what you've said so far I think you would be really smart in going into business with him.

[Nordstrom]

50-50 would be good for you, hopefully he will accept it.

[BusinessAdviser]

I don't think it's fair to say "50-50 would be good for you," or any other split for that matter, without fully understanding the situation and parties involved. You all need to figure out the best split based on what each of you is bringing to the table, what your expectations are, etc. Really, it comes down to negotation, and you want as much as possible while keeping a working relationship.

[J0schm03]

Not sure if anyone else has heard this before as well, but I've always been told do not go in on something at exactly 50/50. When it comes time to make a decision and both parties can't agree someone needs to have that extra 1% and have the final say. Just a piece of advice I've heard before.

[J0schm03]

So I've heard of people going 49/51 or whatever.

[Iamnotsatisfied]

Looks like he has some experience to back him up other than his money.

A 50/50 share would be fair. Remember 100% or 80% of nothing is still nothing.

[usakos]

If i can understand your question is where you can find agreements online you can possibly copy and modify to your liking?

Go to this site and search the form you want, but try to comb through the search results to find what you actually want.

The site is DocStoc.com and is free to sign up. Good luck. And let me know if i can help. i have 4 patent pending.

LegalZoom.com may also be a good site to check out.

[Sef]

I don't think I've seen a business where an idea or company was split 50/50. Your boss is the investor but you are the creator. Maybe it could be 40/60 with you taking most of the profit. It is your idea after all.

[Nordstrom]

If you want to get leverage you should look for other interested parties, untill then you are not really in the position to deny him the deal. Obviously if the idea is good enough to get others you will and will hence have a leverage over your boss.

[Sef]

If you want to get leverage you should look for other interested parties, untill then you are not really in the position to deny him the deal. Obviously if the idea is good enough to get others you will and will hence have a leverage over your boss.

Technically the boss could do the same thing, right? If that's the case he should find leverage quickly.

[BusinessAdviser]

Looks like he has some experience to back him up other than his money.

A 50/50 share would be fair. Remember 100% or 80% of nothing is still nothing.

How do you define "fair?"