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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.
Instructions:
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
