Earlier quoted context omitted.
> Not entirely true -- the presumption now is that the company owns the IP for stuff done on behalf of the company. Where is this presumption? Copyright and patent law in the US specifically says that folks earn what they make outside of an explicit agreement otherwise. (And, that agreement can be for no pay - you can work for free.) BTW - What company? He said that it was unregistered.
Right. The point is whether someone would register the company only after revenue starts pumping in, which looks odd to me now.
Note that a "company" can exist without registration (which I took to mean incorporation or the creation of some other legal entity). A sole proprietorship, where the "idea guy" personally owns everything, is one such type of company. Partnerships can be another.
In short, I probably shouldn't have asked what company. Or, I should have been more paranoid and asked if there's actually a legal entity and it's just not writing any contracts with the help.