Max and Marilyn 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 considering forming a Limited Liability Company (LLC).
- They have a business name selected which is unique according to their research.
- They also have chosen a unique name for the widget.
- They have designed a logo for the business.
- Explain three (3) reasons why an LLC is a GOOD choice for them for organizing their business.
- 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