We are in the process of starting a pvt limited company with my friends. We are in the very initial stage of setting up the company. so we think it's wise to decide the profit share details now itself, so that we can avoid future issues and in the view of keeping every partner happy and keep the company going. The base of our company is a product. The product is a brain children of me. So I am thinking what would happen to the product , if any one of partner wants to quit from the company. In this case, what needs to be done to protect the product's intellectual rights? do we need to apply for any patent for the product.? Or if we create a deed which mentions about the intellectual rights and get it agreed by partners is enough? Kindly throw some light on this.
Start the co. as you like it. But register the IPR associated with the product in your name solely. You may later license or assign it to the new company for a nominal fee etc. But not for free purely for technical contractual issues. Licensing the IPR will allow you to terminate or withdraw it at a later date if things go wrong saving all rights to yourself. In your case licensing makes more sense than assignment.