I’m going to start development on a PSD design. That is approved but its from my one of my friend so do I need to write or my friend have to write any legal information to Themeforest support for this that we are developing it and he (my friend) have no issues on this.
Your friend should send a quick mail letting them know you are doing it. Its better for both you and your friend.
This however is not a TF requirement as the deal is between you and your friend.
if you develop the template and your friend uploads it then there is nothing to do. Just code it and give it to your friend. If you code the design and upload it to your account then you will need to have your friend send a support ticket to Envato explaining that you have permission to develop and upload the design. You can then put that support ticket number in the message box when uploading the design.