Both the founders should have clarity with regards to ownership of the technology, product, corresponding IP (patents, trademarks) and terms of licensing.

One way is to assign all rights to the company, file all patents, trademarks on behalf of the company, and the execute licensing agreement as a legal entity (company) and not individually.

With a view to safeguard interest of each co-founder, you can also execute co-founders agreement among yourselves that will define all terms of collaboration, and what will happen in case one founder decides to exit midway.

Hope this is helpful. For further advice, feel free to get in touch.

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