Exam 14: Navigating Legal and Ip Issues

Describe the dangers of publicly disclosing your innovation before you have filed a patent application as well as the provisional measure you could take,as long as you're in the United States,that may provide you some protection.

Both the C-corp and the S-corp have to deal with double taxation,as there are two levels of tax to pay for both types of legal structures.

How long does a patent generally last?

A common mistake new companies make is to hire employees rather than independent contractors.

A new business owner is setting up a business and will be opening in 3 months.While she is recruiting for full-time employees,she hires a temporary worker.The worker is only helping out a few days a week and doing odd jobs such as being on the premises when the owner is away,stocking office supplies,and helping arrange office furniture.At the end of the week,the business owner pays the worker the agreed-upon fee of $200.What issues might affect the business?

Income tax is triggered any time an individual receives any form of property in exchange for performing services.

What is a key difference between U.S.law and that of most other countries regarding patents on publicly disclosed innovations?

Steve works for a cement company as an IT contractor.The company does not ask Steve to sign a nondisclosure agreement,but Steve has full access to the company databases and documents.Steve also attends meetings during which a new,fast-drying,and injectable product is openly discussed.A year later,Steve reveals the formula to a competing company and is scheduled to receive royalties.Discuss the legal and ethical issues involved in this action.

How long does a company have to register a newly hired employee with your state directory?

All states forbid discrimination on the basis of sexual orientation.

Every jurisdiction and industry requires a legal filing to set up a business as a sole proprietorship.

Protecting intellectual property is of growing concern to today's modern entrepreneur.Briefly describe why this is so.

Fair use is a clearly defined area in U.S.law with absolute rules and boundaries.