S13 E26 Why You Should Form An LLC Or Corporation For Your Intellectual Property With Wayne Carroll And Ike Devji

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S13 E26 Why you should form an LLC or corporation for your intellectual property Let me tell you a story Four friends from college decided to start a business together As they spend long hours together they developed some great ideas and started to implement their plans They filed a patent application and a trademark They didn t form a business or LLC since they were all friends or more than friends Startup life was not easy and within 2 years there were breakups and people parting ways not on the best terms One of the friends worked to carry the business forward but the patent was owned by all four of them and the trademark was owned by all four of them and working together was no longer an option The way you choose to own your intellectual property can have large consequences If you do not set ownership properly you may lose all of the value of your IP Forming an LLC or corporation to own IP has many benefits Core assets stay with the company Separate ownership from inventorship or authorship Risk protection Easier to license the IP or sell the business Required by investors beyond the 3 Fs Succession and estate planning Tax benefits Assets for funding and financing Credibility with customers Simplifies bookkeeping Some steps to take when planning or revising your corporate structure Determine your long-term plan for the business Determine ways you can monetize your IP Work with a tax professional to find what R amp D tax credits or other tax benefits you can receive Have everyone sign agreements – including the founder to transfer ownership of IP to the business Each business is unique and will need individual professional advice for planning ownership succession and tax structure Don t miss the next episode about Securing IP Ownership When Working with Partners Employees and Contractors BIO Wayne Carroll founded Inspired Idea Solutions Law Firm in 2013 an IP boutique law firm focused on helping small businesses with intellectual property At Inspired Idea Solutions we use a proven process for obtaining IP rights that focuses on aligning the business strategy of small business clients with their IP strategy We help small businesses implement a strategy to ensure they own and leverage their intellectual property We also have clear expectations with zero hidden fees In addition to his legal work Wayne is an Eagle Scout and actively volunteers with the Boy Scouts of America He is also a proud father of six children and enjoys playing pickleball Wayne s extensive experience and expertise in intellectual property law make him a highly respected attorney and a valuable asset to clients seeking protection for their intellectual property rights Wayne can be reached at 480-741-2440 or Wayne inspiredideasolutions com You can also connect with Wayne on LinkedIn Schedule an appointment with Wayne Carroll for a strategy session on protecting and leveraging your intellectual property TAGS LLC corporation intellectual property patent trademark ownership risk protection licensing selling a business investors succession planning estate planning tax benefits funding financing credibility bookkeeping corporate structure monetize IP R amp D tax credits agreements Click here to visit this podcast episode