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License agreement information

  • 01-04-2023 11:14am
    #1
    bayles
    Registered Users, Registered Users 2 Posts: 258 ✭✭


    Hi folks.

    I developed and patented a product for the music industry and I have a company in the US who want to manufacture and distribute under a license agreement for me, the terms of the agreement are yet to be finalised.

    Im just wondering what I need to do on my end when it comes to receiving any royalties for the product.

    Can I just receive any payment into my bank account ?

    Are royalties taxable ?

    Do I need to set up a limited company and receive payments through it ?

    Do I need insurance ?

    Id be interested to hear from anyone who has been down this road already and what is required.

    thanks.



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