Question 1

Describe the dangers of publicly disclosing your innovation before you have filed a patent application as well as the provisional measure you could take,as long as you're in the United States,that may provide you some protection.

Accepted Answer

The answer of Describe the dangers of publicly disclosing your...

Question 2

Both the C-corp and the S-corp have to deal with double taxation,as there are two levels of tax to pay for both types of legal structures.

Accepted Answer

A) True 
 B)False

Question 3

How long does a patent generally last?

Accepted Answer

A) 2 years 
B) 10 years 
C) 20 years 
D) 50 years

Question 4

A common mistake new companies make is to hire employees rather than independent contractors.

Accepted Answer

A) True 
 B)False

Question 5

A new business owner is setting up a business and will be opening in 3 months.While she is recruiting for full-time employees,she hires a temporary worker.The worker is only helping out a few days a week and doing odd jobs such as being on the premises when the owner is away,stocking office supplies,and helping arrange office furniture.At the end of the week,the business owner pays the worker the agreed-upon fee of $200.What issues might affect the business?

Accepted Answer

The answer of A new business owner is setting up...

Question 6

Income tax is triggered any time an individual receives any form of property in exchange for performing services.

Accepted Answer

A) True 
 B)False

Question 7

What is a key difference between U.S.law and that of most other countries regarding patents on publicly disclosed innovations?

Accepted Answer

A) Most nations other than the United States allow a one-year grace period after public disclosure. 
B) The United States requires innovations to be publicly disclosed for one year before a patent is filed. 
C) The United States allows a one-year grace period after a public disclosure. 
D) U.S.patents only last for one year.

Question 8

Steve works for a cement company as an IT contractor.The company does not ask Steve to sign a nondisclosure agreement,but Steve has full access to the company databases and documents.Steve also attends meetings during which a new,fast-drying,and injectable product is openly discussed.A year later,Steve reveals the formula to a competing company and is scheduled to receive royalties.Discuss the legal and ethical issues involved in this action.

Accepted Answer

The answer of Steve works for a cement company as...

Question 9

How long does a company have to register a newly hired employee with your state directory?

Accepted Answer

A) within 2 months of the hire date 
B) within 5 days of the hire date 
C) within 20 days of the hire date 
D) at any time before filing state taxes

Question 10

All states forbid discrimination on the basis of sexual orientation.

Accepted Answer

A) True 
 B)False

Question 11

Every jurisdiction and industry requires a legal filing to set up a business as a sole proprietorship.

Accepted Answer

A) True 
 B)False

Question 12

Protecting intellectual property is of growing concern to today's modern entrepreneur.Briefly describe why this is so.

Accepted Answer

The answer of Protecting intellectual property is of growing concern...

Question 13

Fair use is a clearly defined area in U.S.law with absolute rules and boundaries.

Accepted Answer

A) True 
 B)False

Exam 14: Navigating Legal and Ip Issues

Describe the dangers of publicly disclosing your innovation before you have filed a patent application as well as the provisional measure you could take,as long as you're in the United States,that may provide you some protection.

Both the C-corp and the S-corp have to deal with double taxation,as there are two levels of tax to pay for both types of legal structures.

How long does a patent generally last?

A common mistake new companies make is to hire employees rather than independent contractors.

Income tax is triggered any time an individual receives any form of property in exchange for performing services.

What is a key difference between U.S.law and that of most other countries regarding patents on publicly disclosed innovations?

How long does a company have to register a newly hired employee with your state directory?

All states forbid discrimination on the basis of sexual orientation.

Every jurisdiction and industry requires a legal filing to set up a business as a sole proprietorship.

Protecting intellectual property is of growing concern to today's modern entrepreneur.Briefly describe why this is so.

Fair use is a clearly defined area in U.S.law with absolute rules and boundaries.