Articles Posted in Corporate-Business

The amount of commitment involved in a business acquisition is substantial, and it’s important to know what you’re getting yourself into in advance. Thorough due diligence is vital, but at the same time, it needs to be focused on information that’s relevant to the transaction. Anything beyond that is ultimately a waste that could prevent the transaction from ever closing.

Here, we’ll discuss the most important information to ask for prior to completing a business acquisition.

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If you’re a small business with an invention, process, formula, or similar type of intellectual property, you may balk at the cost of patenting it. In some cases, keeping it as a trade secret may be a preferable option to filing for a patent.

Difference between Trade Secrets and Patents

Patents are official government licenses that give you exclusive rights to profit off of your inventions for a set period of time. It covers such items as manufacturing, reverse engineering, or selling your invention.

Protecting your company’s intellectual property is a top priority, but finding the best way to do so may be a challenge. When it comes to safeguarding inventions, one of the available options is to file for a patent.

Patents are granted through the US Patent and Trademark Office (USPTO) in order to allow you the exclusive right to produce, make, use, or sell an invention. They last for 20 years, during which those exclusive rights are legally enforceable.

Advantages of Patents

Some types of intellectual property have limits on how long they can be covered by IP protection laws. The length of time these protections last depends on the type of IP, such as whether it’s copyrighted material, patented inventions, or trademarks. The steps you take to protect them may also come into play.

Here, we’ll look at how long IP protections last for most types of intellectual property.

Copyrights

In the course of real estate transactions, funds are held in escrow in order to keep them secure and to protect the interests of the parties involved in the transaction. The process itself is governed by many rules, but it can be broken down into some basic steps.

What Is Escrow?

In it’s most basic sense, “escrow” refers to money being held by a third party (i.e. someone apart from the buyer and the seller) during a transaction. When someone buys a property, they place funds in an escrow account, and those funds are held there until the terms of the purchase agreement are completely finalized. Funds are released and the title to the property is transferred once the parties in the transaction fulfill the terms of the agreement.

The pandemic has prompted various companies to donate patents to research facilities and similar organizations in order to help combat the coronavirus. While donating patents to research organizations and universities can accomplish something truly good for society, it needs to be done responsibly.

A Chance to Do Something Good – If Done Wisely

Often, businesses will hold patents for inventions that they aren’t currently using or developing. They may not find it worthwhile to maintain these patents themselves, in which case they have the option of donating them to nonprofit organizations.

Most facets of life have been impacted by COVID-19, including the way we handle intellectual property. From enforcing IP protections to safeguarding trade secrets, the pandemic has introduced a number of changes.

Impact on IP Used in Remote Business Operations

For companies that have transitioned to remote work-forces, the way trade secrets and other sensitive information is protected has to adapt. Many businesses have had to adjust their current IP protection policies and implement new technologies and practices in order to keep trade secrets safe when being used by home-based employees.

With the outbreak, more employees are working from home than ever before, and for many businesses, it has become necessary to revisit policies concerning the protection of trade secrets. It can be a challenge to keep proprietary information safe when employees need access to it from home, but it can be done with adequate protocols set in place.

Establishing Trade Secrets

The first principle of protecting trade secrets is to make sure they are legally recognized as such. In order for something to be considered a trade secret, you must have reasonable measures in place to protect it. Without those measures, it’s likely to lose that classification in a court of law.

With more people working from home than ever before, there are much greater odds of sustaining a work-related injury while out of the office. Slips, falls, and repetitive strain injuries can easily happen with home-based work, and they may warrant compensation in the right circumstances.

Self-Employed Workers

First of all, however, a worker who is an independent contractor does not qualify for workers’ compensation. Illinois workers’ comp covers only employees, not self-employed independent contractors. As such, if you are running a home-based business of your own, you won’t qualify for compensation from any of your clients.

With concerns about infectious disease going around, it’s more important than ever for employers to maintain a healthy work environment for their employees. There are many ways to accomplish this, but they all require diligent effort.

Workplace Wellness and Employer Liability

Before we get into the details on how to keep your work environment as healthy as possible, it’s worth noting where employers are liable when it comes to the health of their employees.

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