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Questions and Answers
What is the primary purpose of patents?
What is the primary purpose of patents?
- To ensure exclusive rights for a lifetime
- To restrict access to inventions for public benefit
- To prevent competitors from entering the market
- To provide a legal monopoly to inventors (correct)
What is the duration of a utility patent from the date of patent application filing?
What is the duration of a utility patent from the date of patent application filing?
- Up to thirty years
- Up to fifty years
- Up to ten years
- Up to twenty years (correct)
What is the purpose of a design patent?
What is the purpose of a design patent?
- To provide exclusive rights for up to thirty years
- To prevent others from using any design for a lifetime
- To restrict access to designs for public benefit
- To protect a new, original, and ornamental design (correct)
What percentage of patent documents issued by the USPTO in recent years are utility patents?
What percentage of patent documents issued by the USPTO in recent years are utility patents?
Which type of patent is issued for a new and distinct, invented or discovered asexually reproduced plant?
Which type of patent is issued for a new and distinct, invented or discovered asexually reproduced plant?
What does a plant patent permit its owner to do?
What does a plant patent permit its owner to do?
For how long does a plant patent permit its owner to exclude others from making, using, or selling the plant?
For how long does a plant patent permit its owner to exclude others from making, using, or selling the plant?
What is the term used when filing a provisional patent?
What is the term used when filing a provisional patent?
What is a trademark?
What is a trademark?
How long does a trademark last?
How long does a trademark last?
What does a copyright protect?
What does a copyright protect?
How long does a copyright last?
How long does a copyright last?
What is a trade secret?
What is a trade secret?
How long is a trade secret protected by federal law?
How long is a trade secret protected by federal law?
What is an example of a trade secret?
What is an example of a trade secret?
What is the term used to identify a registered trademark?
What is the term used to identify a registered trademark?
What is a key feature of a Sole Proprietorship?
What is a key feature of a Sole Proprietorship?
Which business entity offers limited liability and pass-through taxation?
Which business entity offers limited liability and pass-through taxation?
What is a distinctive feature of a 'B' Corporation?
What is a distinctive feature of a 'B' Corporation?
What is a characteristic of a General Partnership?
What is a characteristic of a General Partnership?
Which entity may be subject to potential double taxation?
Which entity may be subject to potential double taxation?
What is a key advantage of a Limited Liability Company (LLC)?
What is a key advantage of a Limited Liability Company (LLC)?
What distinguishes a 'C' Corporation from an 'S' Corporation in terms of taxation?
What distinguishes a 'C' Corporation from an 'S' Corporation in terms of taxation?
What is a characteristic of a Not-for-Profit entity?
What is a characteristic of a Not-for-Profit entity?
What type of business ownership involves common ownership and shared profits and losses?
What type of business ownership involves common ownership and shared profits and losses?
What is a key consideration for a 'B' Corporation that distinguishes it from other entities?
What is a key consideration for a 'B' Corporation that distinguishes it from other entities?
In what way do accountants and attorneys contribute to business setup and operations?
In what way do accountants and attorneys contribute to business setup and operations?
What is a key feature of a Non-Disclosure Agreement?
What is a key feature of a Non-Disclosure Agreement?
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Study Notes
Business Ownership and Legal Considerations
- Founders’ Agreement outlines rights and responsibilities, equity distribution, payment methods, and exit strategies for business partners.
- Forms of ownership include Sole Proprietorship, General Partnership, "C" Corporation, "S" Corporation, Limited Liability Company (LLC), and "B" Corporation, each with distinct advantages and disadvantages.
- Sole Proprietorship is the easiest to establish and entails unlimited personal liability.
- General Partnership involves common ownership, shared profits and losses, and unlimited personal liability for partners.
- "C" Corporation is a separate legal entity with limited liability for stockholders but involves more complexity and potential double taxation.
- "S" Corporation offers limited liability and pass-through taxation but has certain restrictions and reporting requirements.
- LLC is a popular choice for startups due to limited liability, pass-through taxation, and flexibility, but may require complex setup and reporting.
- "B" Corporation emphasizes social and environmental performance and accountability, and is not available in all states.
- Not-for-Profit entities have tax-exempt status and restrictions on profit distribution, with earnings reinvested for exempt purposes.
- Business licenses and permits are necessary and vary by location, including occupancy codes, construction permits, and use of fictitious names.
- Various agreements and contracts such as Non-Disclosure Agreements, Non-Compete Agreements, and Employee Contracts are essential for protecting business interests.
- Accountants and attorneys play crucial roles in business setup and operations, providing expertise in financial and legal matters.
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