One of your most important decisions in forming an LLC is whether the LLC will be Member-Managed or Manager-Managed. In a Member-Managed LLC, the members (who are the owners) are actively involved in the day-to-day operations of the LLC. In a Manager-Managed LLC, only certain designated members (or even outside third parties such as a […]
Should I Form an LLC?
Limited liability companies, or LLCs, are business entities formed under state law. Their primary purpose is to limit the liability of their owners or members. Manager-Managed LLCs use managers to run the day-to-day business of their LLCs. In small LLCs, members might also be managers. Advantages of an LLC There are numerous advantages to forming […]
Registering a Trademark With an Intent to Use Application
There are two ways to obtain registration of most trademarks: An Actual Use Application under Section 1(a) of the Lanham Act An Intent to Use Application (or ITU application) under Section 1(b) of the Lanham Act The Lanham Act is the federal statute governing trademarks, service marks and unfair competition. An actual use application is […]
Legal Lessons for Entrepreneurs and Small Business Owners from “The Social Network”
Although the academy award winning film The Social Network was released almost 10 years ago, the lessons it teaches about intellectual property, confidential information, contracts and the protection of know-how are still valid for entrepreneurs and small businesses today. The Social Network was adapted from Ben Mezrich’s book Accidental Billionaires. In 2003, Harvard students and twins Tyler and Cameron […]
Debunking Some Common Myths About Contracts and their Formation
Most people believe they know a contract when they see one. That’s probably true in most cases. However, it’s important to know what the law says a contract is: an agreement between two or more parties involving the exchange of goods or services. Beyond this basic definition, there are a number of myths and misconceptions […]
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