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Organize Your Business and Protect Your Intellectual Property
Organizing Your Business Select the organizational structure for your business Sole Proprietorship Partnership Corporation...
Forms of Business Organization Sole Proprietorship <ul><li>Advantages </li></ul><ul><li>Simple and inexpensive to start </...
Forms of Business Organization Partnership <ul><li>Advantages </li></ul><ul><li>Pooling of financial resources and talents...
Forms of Business Organization Limited   Partnership <ul><li>Advantages </li></ul><ul><li>Limited liability for limited pa...
Forms of Business Organization Corporation <ul><li>Advantages </li></ul><ul><li>Limited liability </li></ul><ul><li>Contin...
Other Legal Requirements <ul><li>Licenses and Permits </li></ul><ul><ul><li>Municipal </li></ul></ul><ul><ul><li>Provincia...
Forms of Intellectual Property <ul><li>Patents </li></ul><ul><li>Trademarks </li></ul><ul><li>Copyright </li></ul><ul><li>...
Patent <ul><li>Can be granted to the inventor of any new and useful product, chemical composition, machine or manufacturin...
Trademark <ul><li>A word, symbol, picture, design, or combination of these that distinguishes your goods and services from...
Copyright <ul><li>Copyright precludes others from reproducing or copying your original published work--books, leaflets, le...
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Organize Your Business and Protect Your Intellectual Property

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Transcript of "Organize Your Business and Protect Your Intellectual Property"

  1. 1. Organize Your Business and Protect Your Intellectual Property
  2. 2. Organizing Your Business Select the organizational structure for your business Sole Proprietorship Partnership Corporation Select and register a business name Select and register a partnership name Select a corporate name Draw up a partnership agreement Draw up articles of incorporation File for incorporation with provincial or federal government Comply with provincial licensing requirements Comply with municipal licensing requirements Deal with mandatory deductions Consider employment standards
  3. 3. Forms of Business Organization Sole Proprietorship <ul><li>Advantages </li></ul><ul><li>Simple and inexpensive to start </li></ul><ul><li>Individual control over operations </li></ul><ul><li>All profit to the owner </li></ul><ul><li>Losses deductible from any other income </li></ul><ul><li>Disadvantages </li></ul><ul><li>Unlimited liability </li></ul><ul><li>More difficult to obtain financing </li></ul><ul><li>Limited resources and opportunity </li></ul>
  4. 4. Forms of Business Organization Partnership <ul><li>Advantages </li></ul><ul><li>Pooling of financial resources and talents </li></ul><ul><li>Simplicity and ease of organization </li></ul><ul><li>Increased ability to obtain capital </li></ul><ul><li>Potential for growth </li></ul><ul><li>Disadvantages </li></ul><ul><li>Unlimited liability </li></ul><ul><li>Divided authority </li></ul>
  5. 5. Forms of Business Organization Limited Partnership <ul><li>Advantages </li></ul><ul><li>Limited liability for limited partners </li></ul><ul><li>Disadvantages </li></ul><ul><li>Centralized management </li></ul><ul><li>Difficulty in changing ownership </li></ul>
  6. 6. Forms of Business Organization Corporation <ul><li>Advantages </li></ul><ul><li>Limited liability </li></ul><ul><li>Continuity of the business </li></ul><ul><li>Easier to raise capital </li></ul><ul><li>Potential employee benefits </li></ul><ul><li>Tax advantages </li></ul><ul><li>Disadvantages </li></ul><ul><li>Cost </li></ul><ul><li>Legal formalities </li></ul><ul><li>Inability to flow losses through to the shareholders </li></ul><ul><li>Need for personal guarantees </li></ul>
  7. 7. Other Legal Requirements <ul><li>Licenses and Permits </li></ul><ul><ul><li>Municipal </li></ul></ul><ul><ul><li>Provincial </li></ul></ul><ul><li>Mandatory Deductions </li></ul><ul><ul><li>Income Tax </li></ul></ul><ul><ul><li>Employment Insurance </li></ul></ul><ul><ul><li>Canada Pension Plan </li></ul></ul><ul><li>Taxes </li></ul><ul><ul><li>Provincial Sales Tax </li></ul></ul><ul><ul><li>GST/HST </li></ul></ul><ul><li>Employment Standards </li></ul>
  8. 8. Forms of Intellectual Property <ul><li>Patents </li></ul><ul><li>Trademarks </li></ul><ul><li>Copyright </li></ul><ul><li>Industrial Designs </li></ul><ul><li>Integrated Circuit Topographies </li></ul>
  9. 9. Patent <ul><li>Can be granted to the inventor of any new and useful product, chemical composition, machine or manufacturing process </li></ul><ul><li>Awarded on a “first to file” basis </li></ul><ul><li>Protection provided for 20 years from date of application </li></ul><ul><li>The onus is on you to protect your rights under the patent </li></ul><ul><li>Holding a patent does not necessarily mean commercial success </li></ul>
  10. 10. Trademark <ul><li>A word, symbol, picture, design, or combination of these that distinguishes your goods and services from those of others </li></ul><ul><li>Can be registered to enable you to obtain exclusive use </li></ul><ul><li>Non-mandatory that it be registered but does establish obvious proof of ownership </li></ul><ul><li>Registration is effective for 15 years and may be renewed for a series of 15-year terms as long as it is still in use </li></ul><ul><li>Onus is on the owner to police the use of the trademark </li></ul><ul><li>Registration in Canada provides no protection in other countries </li></ul>
  11. 11. Copyright <ul><li>Copyright precludes others from reproducing or copying your original published work--books, leaflets, lectures, maps, musical compositions, computer programs, etc. </li></ul><ul><li>Exists for the duration of your life plus 50 years after your death </li></ul><ul><li>No legal requirement the work be registered; copyright is automatically acquired upon creation of an original work </li></ul><ul><li>Responsibility for policing copyright rests with the holder </li></ul><ul><li>A copyright in Canada provides simultaneous protection in most other countries of the world </li></ul>
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