Do you want to lose your intellectual property should something happen to your business? Usually your intellectual property, such as, the name of your business, how you do things in your business, any patents or other intangible items of value will be lost if you lose your business. This can be a disaster for your business and all of your years of hard work could be obliterated in a heart beat.
However there are steps that you can take to protect your intellectual property. There is no point in waiting until something happens to your business that forces your hand, these steps need to be taken early on in your business. Whilst many would assume that Protecting your Intellectual Property should be in Phase 2 – Startup of the Business Legal Lifecycle what we have found is that often business owners do not want to spend the money that needs to be spent until they have a viable business.
What we are talking about here is having a separate entity own your intellectual property, your business name, trademark and the other intangibles that make your business what it is. Every business no matter what field you trade under has its own intellectual property, it is unique to that business as every person, every entrepreneur and every business owner is different. Protecting what you have built is one of the key parts of Phase 5 of the Business Legal Lifecycle.
When you undertake this step at this Phase there may be some small tax consequences however what we have found is that unless you have a large business from the start (which is the exception rather than the rule) then you do not need to undertake this step until this Phase of the Business Legal Lifecycle.
At Streten Masons we have expensive experience in assisting businesses to protect their intellectual property through a variety of different mechanisms. If you would like to know more about how we can help you please contact our team on 07 3667 8966 or firstname.lastname@example.org.