I came up with an invention 4yrs ago and just recently took it to invent tech to get help making it. My husband drew out the sketch for me. When I took it to Invent Tech they told me it would cost 945 to basically see if my invention would actually work and get the specs, plus they make a book for the companies that would want to buy the invention that lays out the pros, cons, and cost. Finally got the book back after 8weeks and it is great. Invent Tech showed me how much money I basically could make which is alot. To start the second part of the process which includes everything to get it to the store cost 13,400. They require you to put down $1500 and they will cover the rest for 36 months for 1% interest.I did not have $1500 to put down but my husband said he would give it to me then we could be 50/50 partners. That made no sense to me especially since Invent Tech does a 80/20 split and they invest more money. How am I supposed to pay my husband back for the startup money of 1500? I know it should not be half of my business.
You owe your husband far more than the $1500...
because you did not research Invent Tech before entrusting them with your husband's $1500:
http://www.bpmlegal.com/pinvmktg.html http://www.pantagraph.com/news/man-sues-company-over-light-up-fishing-pole/article_7f87f8dc-847b-56b4-8072-516539ef822e.html http://www.startupnation.com/Have-you-dealt-with-Invent-Tech/topic/ http://www.inventored.org/caution/invent-tech/slapp/
Almost all entrepreneurs and inventors overvalue their interest in whatever they create. The truth is, you can have the greatest idea in the world, but if you don't have capital, or access to market, and you need partners who can give you these things, be ready to part with a big chunk of your business. In this case, your husband gave you $1500 in seed funding to get you started. Without that $1500, all you would have is a hell of an idea. So 50/50 is extremely fair. If it was a more savvy angel investor you would have had to part with 60% equity up front plus a licensing agreement (giving him or her a percentage from each sale). Consider yourself lucky you're not in that situation.
If your husband were an unaffiliated third party, I would just suggest paying your husband back the $1500, either directly or by your loaning $1500 to the business (if there is an entity that you've set up) and having the business pay him back, and having your husband sign a release agreeing that he has no interests in the business since he's been paid back the $1500.