The following are the facts you are to use for the basis for this question.
Georgia and Loren have pooled their savings to create a start-up company to develop and market an idea they conceived while students together at MIT. They obtained permission to use a college lab during late night hours a few nights a week during their last term before graduating to work on the project. Then they were able to move to Loren’s parents garage, which they keep locked.
Now they need more sophisticated resources. They have created a prototype robotic device, called “Phoebe,” that will aid first responders in disaster relief by sensing and locating survivors remotely in areas unsafe for humans and dogs to navigate. Phoebe’s sensors will locate living beings, scan vitals and assess level of trauma.
Georgia and Loren have mapped out both private and public, civil, and military, applications of their invention, plus continued R & D improvement into next-phase capabilities.
They have not shared their theory, the prototype, their documentation or any of the associated hard and soft technologies with anyone, but anticipate needing to do so to obtain a funding source.
In a coherent, integrated essay, please provide the following advice to Georgia and Loren. Please organize your essay with appropriate headings so that it is easy to follow your advice and understand the basis supporting it.
Georgia and Loren do not yet have any sort of company or business organization together. They have worked together in an informal collaboration creating Phoebe. They are considering one of the following: (1) C-Corp; (2) S-Corp; (3) Limited Liability Company (LLC); (4) General Partnership. In your essay,
Define each of these four (4) business organizations;
Explain the pros and cons of each for Georgia and Loren;
Then, recommend one of these four as the best choice for Georgia and Loren; and
Explain why that selection is your recommendation.
Georgia and Loren know they need to protect their proprietary rights to their invention through use of intellectual property (IP) protection. Three types of IP that might apply are: (1) patent; (2) copyright; (3) trademark. For your essay,
Select TWO (2) of these three IP to recommend for protecting their interest in Phoebe.
For EACH ONE that you select, provide the following information for Georgia and Loren:
definition of the IP;
describe how the IP applies to Phoebe;
explain in what way the IP protects their interest in Phoebe;
include length of time the protection lasts; and
explain how they go about acquiring the IP.
Assessment of your essay will include such factors as accuracy, completeness, application of knowledge to facts, use of appropriate sources in support, organization, and mechanics of writing (grammar, spelling, etc.) and citation.