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.
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.
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.
A well structured business will have a compliance program in place, complete with company policies, safeguards, and reporting avenues. However, eventually, most businesses will face some form of compliance issue regardless of their efforts to prevent them. In that situation, how do you respond?
In the event that someone reports a compliance problem in your business, whether it’s a simple violation of company policy or a serious legal breach, it’s important to realize that no compliance plan is foolproof. Unfortunately, these kinds of events are normal, but lawmakers do realize as much.
Succession planning is the process of passing on the leadership of a company to others. Often, it involves training employees internally or recruiting qualified individuals from outside the organization.
No one is guaranteed to stay with any given company forever. A business’s current executive leaders and owners may retire, move on to other opportunities, or pass away, leaving a void that needs to be filled.
Asset protection for business owners can be complex, especially when business activities may put personal property at risk. Fortunately, there are many strategies business owners can use to protect personal and business property.
One of the most effective asset protection strategies is the limited liability company. LLCs separate the owners’ personal assets from those owned by the business, so if the company comes under fire, the owners’ personal belongings are kept safe from seizure.
Regulations, business trends, and socioeconomic factors can all impact the way corporations are run. As those factors change, so too will corporate governance best practices. In 2020, some of the major trends that corporations will need to account for are:
Your business’s intellectual property is among its most valuable assets, and it’s important to protect it. However, there may be instances where it is advantageous to let other entities make use of your patents, trademarks, and other IP.
Licensing your intellectual property can yield various benefits to your business, but it does come with its risks as well.
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