About a year ago, I started my own (Michigan) LLC, of which I am the sole member, so that I could release an Android application that I developed as part of my computer science program.
Now, I have developed another application for another class, but this time it was as a group consisting of myself, and two others.
If we were to try to sell this application we are developing, and chose to release it under my LLC to avoid the overhead of getting set-up with the Android market, what would be the best agreement to reach with my two group mates?
Should they become members (I hope the answer is no, as this would be far from optimal)?
Ideally, we would reach some agreement where they simply receive some percentage of the profits generated by that app. What do I need to look out for in coming to such an agreement? What sorts of legal risks for my LLC would this entail?
Sorry if this question is not formed well, or seems ignorant. The truth is, I know little-to-nothing about this sort of stuff, and I figured this was the place to get the insight I need. Thanks!