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A friend of mine needs advice on a business deal

Discussion in 'Business & Tax Advice' started by selfxemployed, Jan 6, 2010.

  1. selfxemployed

    selfxemployed Registered Member

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    My friend contacted an owner of "Product A" to share some ideas he has that is very similar yet different to "Product A". The owner of "Product A" wants my friend to send him his sketches, ideas, etc. What can my friend do to to ensure that the owner doesn't run off with his ideas? Are there any documents he can sign? Any advice would help, thanks.
     
  2. drunkseo

    drunkseo Junior Member

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  3. mrsix

    mrsix Power Member

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    tell him to contact a lawyer and not take advice from random people on a forum.
     
  4. rob19028

    rob19028 Registered Member

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    I agree with contact an attorney, especially if it involves a lot of money because they will take it from you if they are able to. A Non Disclosure and a No compete agreement is also a must! They should not have any problems signing these agreemnets, if the signing of contracts is a problem it will only be the first in a long series of problems I promise.

    www.docstoc.com

    This site has good agreements if you cannot afford an attorney.

    Protect Yourself because no one else will.
     
  5. agente808

    agente808 Regular Member

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    Do not send sketches without a contract in place, or there is no legal way to protect your ideas. You need to have an in-person meeting, after talking to a lawyer.

    ...and a non-disclosure agreement doesn't apply - that would just keep the person from telling a third party, but wouldn't keep him from using the ideas.