Registering a business, need help

Xios

Hey guys,
My brother and I are going to set up a small company, we're selling a software product which is still in development. We were hoping to patent the product and keep everything legit so that if the product takes off, we could just sell the rights on to a larger firm.
What are the steps involved in setting up a registered business. It'd prob be run by just the two of us.
I've never done anything like this before, so good advice will be much appreciated

Regards,
Xios

Swampy

Just head to the cro website. It's all very straight forward.

Mr Clonfadda

what sort of software? or can you say?

AndyJB

Xios wrote: »

Hey guys,
My brother and I are going to set up a small company, we're selling a software product which is still in development. We were hoping to patent the product and keep everything legit so that if the product takes off, we could just sell the rights on to a larger firm.
What are the steps involved in setting up a registered business. It'd prob be run by just the two of us.
I've never done anything like this before, so good advice will be much appreciated

Regards,
Xios

Hi,
I’m not an expert on the subject but here are a few comments for you…..

Patents are a great way to protect your product, but in case you’re not aware patents can only be applied to specific software/code and not to screen shots. The code or process must be unique and not already in use by someone else.

Of course when a patent is in place for something, revenues from the sale of the patented item have historically been tax free, so I would not sell it. License it certainly, but do try and keep control of the patent rights.

As I said in my opening line I’m no expert, your first stop should be with a solicitor. Have a formal agreement drawn up between you and your brother. A shareholders agreement for your pending limited company will cover this. It should include for example future sale of the business, dividends, taking in of new partners/capital, who will arbitrate in the event of any disputes etc etc. The list can be rather long but a good solicitor should sort it for you. He/She should also guide you on the patent process. You’ll probably need a patent expert somewhere in the loop as some sort patent searches I’m sure will be needed.

There’s nothing like cash related disputes to sour even the best of working relationships, so put agreements in place upfront just in case. If there’s resistance to putting a formal agreement in place you’ll have to “diplomatically” insist on it. Just have your solicitor draft one as part of the whole process but remember it’ll have to be equitable as you’ll both have to sign and abide by it.

Best of luck

mudbingo

I had bought a cheap aftershave balm-and added an expensive Cologne to it to give it a lift in fragrance.
One day, as we were minding our young nephew,-he was playing with toy soldiers -on my bald head -as I was reading the Newspaper !!---when he said --your hair's growing!!!.
On checking over several months -it seems to be true,-
I need to know -can I get a patent to test and use a well known fragrence and less well known balm ,--or do I have to tell these people and reveal all as to what I think/know to be happening to date??

ssbob

mudbingo wrote: »

I had bought a cheap aftershave balm-and added an expensive Cologne to it to give it a lift in fragrance.
One day, as we were minding our young nephew,-he was playing with toy soldiers -on my bald head -as I was reading the Newspaper !!---when he said --your hair's growing!!!.
On checking over several months -it seems to be true,-
I need to know -can I get a patent to test and use a well known fragrence and less well known balm ,--or do I have to tell these people and reveal all as to what I think/know to be happening to date??

How about just taking the ingredients of both products and coming up with it it like that.

mudbingo

I'm nor sure if I can use already registered products -and patent their combined use ,even for regulatory tests