What happens to your IP when you choose to shut down your business?
In CorpNet’s ‘Closing a Business Checklist: Ten Steps from Our Experts,’ Daliah offers her advice for transferring intellectual property in the event of closure.
Daliah says: “Intellectual property (“IP”), just like all your other property, needs to be properly divided or sold when a business breaks up. It can be hard to value IP, but there are lots of firms that specialize in doing so. Alternatively, one partner may decide to buy the IP from the other partner, in which case, the purchase price should be negotiated as part of the break-up. With respect to social media and website accounts, because they are tied to your trademarks and copyrights, anyone who gets your trademarks and copyrights will also typically acquire any associated online accounts.”
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