5 {{ upvoteCount | shortNum }}
5 {{ upvoteCount | shortNum }}

Sharing profits from a mobile app

by frank1985
4 replies
I may have an opportunity to collaborate with someone on an iPhone/Android mobile app, where any profits will be split 50/50. My question is, what is the best way of ensuring that the profit is as transparent as possible so that I can ensure that i'm getting the a share? Is there some kind of shared account that the profits can be paid into - one where any profits are automatically split and paid into our own individual accounts at quarterly periods?

What is the best approach?
#app #mobile #profits #sharing
  • Profile picture of the author David Keith
    if you are seriously talking about something that has a realistic possibility of actually making some money then you need to get some sort of business contract setup. In all likelihood, it sounds like you need a business banking account of some sort that both of you have access to.

    trying to come up with some cheesy work around solution to something like this will probably end badly with one or both of you posting here later asking for legal advice about how to deal with a partner that you feel stole money from you.
    Signature
    Just a Little War Room Gift.
    {{ DiscussionBoard.errors[9949210].message }}
  • Profile picture of the author frank1985
    So what are these ''cheesy work around solutions'' that don't involve starting up a separate business banking account?
    {{ DiscussionBoard.errors[9949445].message }}
    • Profile picture of the author Mike Anthony
      Originally Posted by frank1985 View Post

      So what are these ''cheesy work around solutions'' that don't involve starting up a separate business banking account?

      I think he already told you. You need some kind of legal contract. I am not aware of any payment setup with apps that are going to make payments to two different entities or get involved in any partnership disputes that may arise.
      Signature

      {{ DiscussionBoard.errors[9949489].message }}
  • Profile picture of the author David Keith
    ios apps dont let you split profits...there is not way around that that i am aware of. they have no interest in getting in the middle of fights where they have nothing to gain.

    i cant imagine that any of the third party app development services will do that either for the same reasons.

    i suppose you could cash the checks and sit at the kitchen table and divide the money up....1 for you, 1 for me, 1 for you , 1 for me style.

    i told you they were cheesy workarounds....lol but seriously you need some sort of contract. i dont know where you are in the world or what their laws are there, but generally speaking a contract doesnt need to be professionally done. contracts of sorts written by hand on plain notebook paper have held up in court many times.
    Signature
    Just a Little War Room Gift.
    {{ DiscussionBoard.errors[9949592].message }}

Trending Topics