3 Mistakes with License Agreements
In Show 132 – 3 mistakes with license agreements originally broadcast on Facebook Live on Monday 25 September 2018 .
License agreements are the perfect way to protect your intellectual property. But they can be complicated. Today on the show we reveal the top three mistakes people make when creating a license agreement.
A license agreement isn’t a franchise agreement
Creating a franchise can be expensive. For many business owners the a license agreement can appear to be a cheaper alternative. But there are strict rules around franchises. If you are found to be trying to skirt the rules you could be on the hook for a lot of money
Be clear on royalties and guaranteed payments
You need to be clear about how things are going to work. Everything needs to be documented
Lack of quality control and compliance
When you have a license agreement instead of a franchise you have very little control over how your name and products are being used. A franchise agreement will give you much more control over how the business operates.
#LicenseAgreement #Franchise #SmallBusiness #IntellectualProperty
More about this Show
We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms. Most importantly we want to help you to develop a plan to take your business successfully into the future. There’s a startling statistic the underscores the importance of developing a solid plan. The majority of business owners are just seven months away from losing everything. A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly. Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients. We want to close that gap once and for all. We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.
Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV. We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with. Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.