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Both writers have copyright material within the work even through you have registered it under your name. You'll have to draw up an agreement between yourself and your co-writer that assigns their share of any copyright to you (or perhaps joint ownership) and in exchange they will receive the remuneration and terms you mutually agree to. I suspect this will involve sharing any writing fees between both of you, including any profits that are going to the writer(s). This agreement should pass onto any production company that wishes to take up the script.
I suspect this is something that should have been sorted before the script was registered, but you should reach a mutual agreement in case things get nasty in the future if it becomes a successful film. Production companies and funders don't like having hidden surprises.
An entertainment lawyer would be worthwhile.
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