How a Consulting Business Hired a Lawyer to Review a Revenue Sharing Agreement in Maryland

You can consult an attorney to review your terms, conditions, and goals. Generally, having a separate legal entity is best to help protect against liability. You would determine the business structure, such as a limited liability company or a subchapter S corporation. In those cases, you would have either an Operating Agreement or a Shareholders Agreement that outlines reasonable terms and conditions for both parties.

Hello! My name is Damien Bosco, Esq. My law office is located in Long Island City across from Manhattan. Some key provisions in a revenue-sharing agreement would be the following: - Purpose and Scope - Revenue Sharing Terms - Expense Deductions - Responsibilities of Each Party - Audit Rights - Dispute Resolution - Confidentiality and Non-Compete - Termination and Exit Strategy - Liability and Indemnification - Choice of Law Clearly distinguish between revenue-sharing arrangements and equity stakes, as they have different legal and tax implications. Also, address ownership of any intellectual property developed during the partnership, which can become a significant source of disputes. Feel free to reach out if you want a consultation or help drafting the agreement.