Protect the Golden Goose: An Intellectual Property Primer [Updated for 2021]

Ask any entrepreneur and they will agree that building a business takes more work than most people can imagine. All too often, this work is compromised by individuals and companies who wish to use a business’s name, brand, or original work and claim them as their own for monetary gain. Intellectual property is the term given to a variety of different intangible assets that entrepreneurs are interested in keeping protected.

Intellectual property comes in many different forms. Maintaining a working knowledge of different types of intellectual property can help business owners ensure their intangible assets are as secure as possible, preserving brand integrity and overall prosperity. Whether you are a new entrepreneur or a seasoned business owner, this primer on intellectual property can help anyone develop their understanding of this invisible yet critical component of a successful business.

Copyrights

A copyright is a type of protection for intellectual property that exists in a specific format. For example, a song, a film, or a painting can all be copyrighted. This means that nobody else would be able to use that particular song, film, or painting without your permission as the copyright owner. If an individual or business were to use that work without your permission, they would in effect violate the copyright and you would have a legitimate reason to pursue legal action against the offending party.

A comprehensive list of rights and protections for copyright owners is listed in the Copyright Act of 1976. The owner of a copyright maintains a solid level of control over factors such as who can reproduce or perform a piece of work.  Copywriting a work allows a great deal of financial freedom in terms of licensing or distribution of a work.

Trademarks

When you walk by a vending machine with the Coca-Cola logo on it, you recognize instantly that that machine sells Coca-Cola. If a company were to put their own brand of soda in that machine and sell it as Coca-Cola, they would be violating the soda company’s trademark.  Trademarking is a way to protect intellectual property such as logos, phrases, or names associated with a particular company. It helps consumers know what they are buying, and allows businesses to build a reputable brand on their terms.

Trademarks can be filed with the United States Patent and Trademark Office. The process to file for trademarking and getting approval can take some time, so be sure to factor this into your short and long term business plan.

Patents

Businesses built around a particular invention typically require a patent to protect them from infringement. A patent applies to a novel invention, and can be issued to protect the design or utility of the invention, or both. Like trademarks, patents are filed with the United States Patent and Trademark Office. Patents are unique in that they typically only last for a specific period of time, meaning that business owners will need to be cognizant of their patent rights and need for reapplication.

Get Professional Insight

The process of applying for copyright, trademark, and patent protection can be daunting for entrepreneurs of all levels of experience. Working with an experienced attorney can help ensure that no steps are missed when going through the application process.  Contact Jeffrey Q. Cardon, PC, to get expert insight into this process and protect your intellectual property the right way today.

How an Acquisition Impacts Your Business’s Growth

A company’s long-term success often depends on consistent growth and profitability increases throughout the year. While there may be many strategies for growing businesses, various companies choose business acquisition as their primary approach for their market increase. However, acquiring a business and integrating it with another can be complicated and come with many challenges.

A business lawyer plays a vital role in a successful business acquisition. Cardon Law has years of experience working with organizations to help them buy businesses. With our help, you can feel confident in their representation and documentation. Contact Jeffrey Cardon for more information on how he can assist your business.

What Is a Business Acquisition?

A business acquisition is where an individual or company buys a majority of an organization’s stocks and, in turn, purchases the organization. A business owner must buy more than 50% of a company’s shares to take control of the organization. After the transaction is complete, the individual will have “acquired” the company and can make decisions as well as implement changes without an obligation to report to the company’s shareholders.

Why Are Companies Interested in Acquiring Other Businesses?

With significant benefits that help increase a business’s size and profitability, there are many reasons why an individual or group would want to purchase another company. Consider the following reasons why a company may be interested in acquiring another business:

Foreign Market

A popular way many companies expand their business is by introducing their company internationally. By acquiring a business in another country, a business can easily breach the country’s market. The international business also has established connections in the country and the area, so the transition process is smoother.

Intellectual Property and Staff

In most cases, a business will absorb the staff and intellectual property of the acquired company. This is beneficial for both the acquiring company and the staff members who will continue the job they are familiar with and qualified to perform.

Expanding Services and Products

Another important reason a company may wish to expand itself with a business acquisition is if they are interested in growing the services and products they offer. Instead of hiring new employees, developing the service, and spending time understanding the logistics of the service, they can simply buy a company that already has the experience and the tools to provide that service.

Overcoming Competition

Organic growth and other strategies to expand businesses take time and significant resources. Acquisitions speed up the process and reduce costs by eliminating duplicate departments and absorbing their services and staff. A company can also gain existing customers and branding that allow them to increase revenue at a fast rate.

A business acquisition has many benefits for businesses and can significantly impact how a company grows. However, there are often legal issues and complications that a lawyer must address for the success of the acquisition and business. With a Utah sales and acquisitions lawyer, you can have the guidance you need for a smooth transition and acquisition process.

Speak With an Experienced Sales & Acquisitions Lawyer in Pleasant Grove, Utah, Today

Acquiring another business has many benefits, but the process can feel overwhelming and complicated without the help of a professional attorney. When you work with Jeffrey Cardon at Cardon Law, you will have the resources and advice from an experienced and dependable legal representative. Jeffrey Cardon has firsthand entrepreneur experience and over 15 years of representing business owners, investors, executives, and more. You can count on us to represent you and your business in legal business matters.

Talk with our team and find out how we can help you grow your business by calling (801) 225-6700 or filling out our contact form.