ScholarMatic: Explanation & Answer
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This Essay Question is based on the following facts:
Corey and Clarence have pooled their savings to create a start-up company to develop and market an invention they have created together. At this point their invention is a secret widget they have not shared with anyone. So here are the facts of where they are at this point:
- They know they want to have a business together to develop and market their widget. They are trying to decide if they should form a limited liability company (LLC) or a C Corporation.
- They have a business name selected which is unique according to their research.
- They have a unique name for the widget.
- They have designed a logo for the business.
Instructions:
Write an essay that advises Corey and Clarence of the following:
- Explain the pros and cons of LLC versus a C Corporation, and advise which of these 2 structures is the best choice for Corey and Clarence.
- Identify and recommend two (2) types of intellectual property (IP) they can secure in the United States for their widget and for each IP include the following:
- Definition of the IP;
- The benefit of the particular IP and the kind of protection it provides;
- Length of time the IP protection will last; and
- The U.S. government agency that issues and/or otherwise oversees the IP
ScholarMatic: Explanation & Answer
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