Organizational Law the First Source Essay

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It covers a specific device or process and it protected by the Patent Act. A patent can be enforced through the legal system. By contrast a trade secret more difficult to protect through the legal system. A trade secret is not generally known to the public whereas a patent is publicly viewable. A trade secret can be protected in states that subscribe to the Uniform Trade Secrets Act, but typically cannot be protected once the secret has been revealed.

There are a number of common encumbrances on title. Some examples are liens, mortgages, judgments, unpaid taxes, clouded title, easements and other restrictions.

A sole proprietorship is a form of business wherein the individual proprietor bears all liability for the business -- the business is not a distinct legal entity. Sole proprietorships are simple and inexpensive to set up and administer.

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However, the proprietor faces unlimited liability and pays taxes at the personal tax rate. Partnerships have multiple owners. The owners pay taxes at the personal rate and face liability risks, but the partnership is easier and less costly to maintain than a corporation. Other than the fact that there are multiple owners, partnerships are very similar to sole proprietorships in the ways they function.

A limited liability company is more complex to structure and more costly to maintain, but as a distinct legal entity the LLC bears the legal risk rather than the owner of the company. LLCs are, as partnerships and sole proprietorships, pass-through entities as far as taxes are concerned, the owners paying taxes at the personal tax rate rather than a corporate tax rate......

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