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License agreement information

bayles · 2023-04-01 11:14:59

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…

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01-04-2023 12:14pm

#1

bayles

Registered Users Posts: 258 ✭✭

Join Date: February 2009

Posts: 198

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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