My mother and I have found a publishing company that is interested in publishing a book that we wrote. We have received a copy write on it. Are we in essence selling the copy write to the publisher? And if the title and sections of the piece are altered, does someone need to re-apply for a second copy write? We are obviously novices but thrilled that our book will be put in print! Thanks

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Agents of the Company, if reputable, will explain this to you.

This is where you need to find a literary agent to negotiate your contract. There are different types or rights to your book, such as first printing and overseas rights. I would not recommend tackling this unless you are a lawyer-- an agent can get you a much better deal and protect you while navigating the complexity that is copyright law. It's much easier to find one when you have a contract in hand. To start your research, take a look at the book "Guide to Literary Agents" and the website Preditors and Editors: http://www.anotherealm.com/prededitors/ Find the best one you can who represents childrens books, and get in contact with them. Tell them you have recieved an offer and are looking for representation and someone to negotiate your contract.