A friend and I joint ventured on marketing a product his company is already making.
But I decided to rebrand it to another name. He changed product slightly to be
actually different from what it was before. We split 50/50 on web site development and promotion costs.
Now he ran a question by me wanting to know my opnion.
He basically asked me how how do I feel about any sales resulting from outside of my promotion efforts, particularly those people he already has as customers of his company, liasons, distributors who are asking for any other products he has--namely the one we developed.
In the contract we have he states we split on the revenues, but in another part it states:
"His company is not limited from selling JV PRODUCT and other products with and through other sales and marketing channels including but not limited to; retail stores, internet websites, sales associates, and distributors."
HE being the owner of the company and creator of the product (among others he has), do I ,as a joint venturer in this JV PRODUCT (being that I invested in half its cost for the ecommerce development of it to promote it) , have any say about getting revenues from his already existing customer base who want this JV PRODUCT?
I guess the answer to that question depends on the frame of our agreement. But in general, going by the definition of what a Joint Venturer is--am I privy to profits from people he brings to site?
Im thinking that I do not. I suppose if I would have to be a partner in his Company LLC to be I entitled to such ?
Thanks for your time
