Part 3 Flashcards
What are the four major legal entities?
Sole proprietor, partnership, llc, corporation.
What is an S Corp?
S corps are a type of designation of a corporation. They are a combo of a partnership and LLC
Type of legal entities are the easiest to hardest to set up?
Sole proprietors are the easiest to set up, partnerships next, LLCs after that, corporations, and then S Corps.
Why do you need to guard your intellectual property?
To protect your competitive advantage. Also investors want to know that your ideas and your innovations won’t be stolen from you.
What are three ways intellectual property is protected within a business?
Non-disclosure agreements. Non-compete clauses. Trade secrets
What is used for books, music, articles, etc?
Copyright
Which intellectual property protection doesn’t cost any money to apply?
Copyright
What are patents?
Patents are filed with government, you can only file them on a finished project not an idea.
Why do patents get rejected?
They are not useful, not novel, or not filed in a timely manner.
What types of patents are filed?
Utility, a new product with New uses. Design, the way something looks. A plant patent, something that is grown in the ground that is unique. Business, new way of running one
Which type of legal entity offers liability protection for the owners, partners, and investors?
A corporation or S Corp. Or an LLC.
What are three different business types again?
A startup business. Side business. Lifestyle business.
