Protecting Intellectual Property In New Business Ventures
It is often tempting for developers, inventors, artisans and others to consider forming a business surrounding intellectual property. How a company is formed, the choice of entity and addressing the rights associated with IP interests are common concerns in closely held companies. If you are planning to start a solo business, enter into a partnership or form a new business with intellectual property interests, it is critical that you work with a lawyer with knowledge of business formation law and intellectual property law to avoid serious pitfalls.
It Is Critical To Address IP Interests When Forming A Business
Addressing intellectual property rights at the business formation stage is critical for IP holders, inventors, designers, developers and others who intend to join forces to produce new works. IP protection for new businesses may involve drafting a solid operating agreement for a limited liability company that fully addresses rights to intellectual property that members bring to the business. If a company develops new intellectual property in the ordinary course of business, agreements must address the rights of the members and company in relation to the property.
In some situations, forming a company now may not be in your best interests. You may only be opening the door to tax issues while attempting to monetize your IP interests. For instance, selling or licensing your intellectual property may be a more profitable solution than forming a new entity. It may make business sense to delay creating an entity for a more appropriate time.
Contact A Knowledgeable Business And Intellectual Property Attorney In New Jersey
Benjamin Appelbaum, Attorney at Law, based in Flanders, New Jersey, has command of business principles as well as patent and copyright protections. Our law firm counsels business clients throughout the state in intellectual property and business law matters. When you work with our firm, you are gaining access to a skilled business and intellectual property lawyer who is dedicated to protecting your interests. To arrange a consultation, call 877-649-6002 toll free or contact us online.