Once completing college, William Smith, a resident of Boston, Massachusetts, wanted to establish a manufacturing company that develops racquets to improve the future of squash playing. With his experience in squash playing and a finance degree he figured he could develop a great corporation.
In order to establish his corporation, he needed to find wealthy investors to fund and put trust into his future establishment. Mr. Smith receives legal advice throughout his expenditure. After making negotiates and signing contracts he soon was informed that his design plans for the product have been denied. He was told to simultaneously stop all productions. Unable to control his disappointment, Mr. Smith acted in a violent manner and unthinkably made poor decisions that will later affect his life.
Advice for Mr. Smith
Mr. Smith should have filed a patent application with the U.S. Patent and Trademark Office. That allows an inventor such as himself, to receive a grant from the government that gives him exclusive rights to an invention. That would also give him the right to use and sell the invention during the time of the patents term.
A copyright is an intangible property right granted to authors and originators of literacy work or artistic production that falls within specified categories (pg141). This obviously wouldn't be of any use to Mr. Smith since he is not creating a literacy work.
Facts
The legal advice given to Mr. Smith advised that he should utilize the legal entity of a corporation. The advantage of this would be a limited liability of shareholders; the disadvantage is the double taxation of corporate income (pg806). This advice given to him wouldn't be the best of all choices.
Most entrepreneurs and investors, popular choice of business ...