Foreman Jr. will focus on "classic R&B" while Foreman III will work on Hip-Hop releases, said AllHipHop.com.
Both men are sons of George Foreman Sr., former heavyweight champion boxer and owner of George Foreman Enterprises. The two serve as vice-presidents in their father's company.
The brothers own the company JR3, specializing in real estate, apparel, exercise equipment and financial services.
Foreman Jr. said there is a "solid opportunity" for independent labels in the record business.