My business partner wants to keep the business name if we go our separate ways, should I agree to this?
My friend and I launched a business last week and she is the one who came up with the name. We both agreed we need to have a contract and she says all she asks for is keeping the business name as it means a lot to her. Personally, I feel as though I don't want to invest so much time and energy on a business that will be hers if we decide to go our own ways. What can I do to solve this and put both our minds at ease?
Since this is an asset to the company and if you are walking away from the company, it's important that the person keeps the assets. That said it's a company that you bring value to and for that reason you should be compensated for. I would ask for a value to be put on the asset and ask for appropriate compensation once that valuation comes back.
If you have both worked towards raising goodwill for this name, then its an asset to you both, therefore, should you part ways you may have to share assets equally as per your agreement.
No. If yes to keep the business name, then you should have some gain with % of the investment. If you don't want to invest then you must give written permission to her to use the business name, depends upon mutual understanding.
Diamond Marketing & Business Solutions
No, you shouldn't do that. It makes for confusion around the brand name to your customers.
You both need to decide whether you want to work with each other or not.