• Your business plan should tell a compelling story about you and your business.

• Your business plan should be focused and clear.

• Your business plan should define specific business objectives and goals with general parameters to guide the organization.

• Your business plan should be a living document and should be updated regularly.

Need more assistance getting your business off the ground?  Become a client of Wright Loyer today!

As was discussed in our last post in our Intellectual Property 101 series, the holder of a copyright in a work is granted five exclusive rights in their work: the right to reproduce the work, the right to prepare derivative works based upon the work, the right to distribute the work, the right to perform the work, the right to display the work, and the right to perform the work. There is, however, one glaring exception to these rights: the doctrine of “fair use”.

Under the doctrine of “fair use”, a copyrighted work may be used without the permission of the rights holder so long as the use is considered “fair.” When considering whether such a use is “fair”, a court will consider the following four factors:  (1) the purpose and character of the use, including whether such use is of commercial nature or is for nonprofit educational purposes; (2) the nature of the copyrighted work; (3) the amount and substantiality of the portion used in relation to the copyrighted work as a whole; and (4) the effect of the use upon the potential market for, or value of, the copyrighted work.

It should be noted, however, that none of these factors are solely determinative on the issue of “fairness” and each use will be evaluated on a case-by-case basis.

Clearly the line between “fair use” and copyright infringement is not easily defined. If you’re concerned that your use of copyrighted material might not be authorized under the doctrine of “fair use”, speak with Wright Loyer today!

It’s one thing to decide to go into business with someone. It’s a whole other thing entirely when that someone is your sister!

There is a terrific article in this week’s Business Week detailing the “pros” and “cons” of going into business with a family member. Although such an arrangement is fraught with certain unique risks (if the business fails, will your relationship suffer?), the strong bonds shared by family members could also prove to be an invaluable asset – one that sets your business apart from the competition.

Interested in starting a business? Make sure your personal assets are protected. Speak with Robert or Mike today!

Haven’t gotten around to writing your will yet? Let us help. Become a client of Wright Loyer today!

Intellectual property law can be very confusing. It seems like not a week goes by when we’re not asked by someone to “help me patent my logo” (you can’t patent a logo) or informed that “we have a trademark in our software” (the name of software can be trademarked, but not the software itself). In order to shed some much needed light on the sometimes murky overlap of patents, copyrights, and trademarks, this is the first a series of posts about the “basics” of intellectual property law. Our first topic of discussion, copyrights.

What Can You Copyright?

Under federal law, a copyright exists in any work of authorship which is fixed in a tangible medium of expression (how’s that for a mouthful of legalese?). A “work of authorship” within the meaning of federal law can be any literary work, musical work, dramatic work, pantomime, choreographic work, pictorial work, graphical work, sculptural work, motion picture, audiovisual work, sound recording, or architectural work. It should be noted, however, that this list is not inclusive of every type of “work” which can be protected under copyright law and it is possible for works not on the list to be copyrighted.

What Do You Get When You Copyright?

The owner of a copyright receives a number of “exclusive rights” in the work. These rights include the right to reproduce the work, prepare derivative works based upon the work, distribute the work, perform the work, display the work, and perform the work.

How Do You Get a Copyright?

Copyright exists as soon the author of a “work of authorship” fixes the work in a tangible medium expression. So as soon as an artist puts brush to canvas, the resulting painting is copyrighted and the artist has all of the “exclusive rights” in the work discussed above. There are, however, a number of reasons why the work should be registered with the U.S. Copyright Office. Reasons which will be discussed in-depth in our next post. Make sure to tune in!

Interested in Copyrighting Your Work?

Want to protect your copyright in your work? Become a client of Wright Loyer today!

Benjamin Franklin was right: the only certainties in life are death and taxes. Certainly, contemplating one’s own demise is never a pleasant topic. Given the inevitability of death, though, it’s quite surprising that most people don’t have a will.

What Is A Will?

A will is a written declaration as to how a person wishes his assets to be distributed at the time of their death. The declaration can be handwritten by the person whose assets are being distributed (called a “holographic will”) or memorialized in a more formal, typed writing prepared by an attorney. Assets which can be distributed include anything in the person’s possession at the time of their death.

Why Do I Need A Will?

There are a number of reasons why you should have a will. Perhaps the most compelling, though, is this: if you don’t decide how your estate will be distributed upon your death, the government will.

It goes without saying that government is good at a lot of things. When it comes to building roads, providing for the national defense, and funding education, government is second-to-none. When it comes to distributing personal assets, however, government simply lacks the insight into a person’s psyche to properly understand how he would like his assets distributed upon his death. In the absence of such insight, government is forced to adopt hard-and-fast rules as to how assets are distributed upon death. Rules which almost never distribute assets the way the person otherwise would.

Why Do I Need An Attorney?

The fact that a will need not be prepared by an attorney in order to be “valid” begs the question, “why should I pay an attorney to write my will when I can simply do it myself?” In these difficult economic times, such a question is certainly reasonable. Ultimately, I suppose, whether to spend the money to pay an attorney to prepare your will comes down to how willing you are to leave the disposition of your estate to chance. Given the particular facts and circumstances surrounding the nature of your assets, the nature and extent of personal relationships, etc., it might be that there are certain financial and legal implications that you may not be aware of when preparing your own will that will significantly impact your loved ones upon your passing. In order to avoid such unforeseen consequences, the fee charged by an attorney to prepare your will is money well spent.

]]> http://www.wrightloyer.com/estate-planning/the-single-most-important-reason-you-need-to-have-a-will/feed/ 0 http://www.wrightloyer.com/business-services/do-i-need-to-incorporate-even-if-i-dont-make-that-much-money-in-my-business/ http://www.wrightloyer.com/business-services/do-i-need-to-incorporate-even-if-i-dont-make-that-much-money-in-my-business/#comments Mon, 09 Feb 2009 18:52:39 +0000 Robert Wright http://www.wrightloyer.com/?p=67

Whether it’s deciding what product to sell, how to secure financing, or when to go to market, the small business owner has a litany of decisions to make. One of the most daunting choices facing the small business owner is that of deciding on the legal structure of their business (referred to as a “business entity”). Given that the law naturally assigns a business entity based upon the facts and circumstances surrounding the nature of the business, though, the small business owner would be wise to ask the question, “do I need to choose a business entity at all?”

Sole Proprietorship

Let’s suppose, for example, that you decide to open an eBay store selling bluetooth headsets. Simply by opening up your shop, the law treats your business as a “sole proprietorship.” The consequences of this categorization are two-fold. First, you (and you alone) will be solely responsible for paying any taxes resulting from income generated by your eBay store. Second, you (and you alone) will be solely responsible for any liability resulting from the use of your headsets.

Partnership

Just as the sole proprietorship is the default legal structure for the “one-man shop”, a “partnership” is the legal entity which naturally arises when two or more people engage in business for a profit. If you and your best friend decide to open an eBay store selling bluetooth headsets, then you will both be responsible for paying any taxes resulting from income generated by the eBay store. You and your best friend will also be personally responsible for any liability resulting from the use of your headsets.

Conclusion

As you can see, the law doesn’t require much in order to characterize your business as a sole proprietorship or a partnership. Is being deemed a sole proprietorship or partnership a bad thing? Not if personal liability isn’t of concern; that is, the nature of your business is such that it’s unlikely you’ll be sued and you don’t plan on borrowing a significant amount of money to get your business up and running. If, on the other hand, you’re interested in insulating yourself from liability, it’s probably best to consider incorporating your business or forming a limited liability entity.

William Shakespeare once famously asked, “what’s in a name?” If the “name” in question is that of your brand, the answer is “everything” and selecting a strong trademark is absolutely essential to the success of your business. But how do you select a strong trademark? While there is no exact science to doing it, below are three simple ways to strengthening your trademark.

Be Distinctive

The best trademark is one which easily distinguishes your product from others. After all, why even spend the time and money branding your product if that brand isn’t going to help consumers distinguish your product from others in the marketplace. To this end, the more imaginative, creative, and fanciful your trademark is, the better. What is more, a distinctive trademark is almost certain to find a place on the U.S. Patent and Trademark Office’s Principal Register.

Avoid Surnames

Depending upon your reputation in the community, it might be that consumers are likely to choose your product over others for no other reason than you’re a “good guy”, you’re known for your commitment to quality, or another reason directly associated with the quality of your character. If so, it’s tempting to incorporate your surname into your trademark (e.g., “Smith’s Laundry”, “O’Neal’s Bakery”, “Jenkin’s Diner”). Doing so, however, almost certainly guarantees that your trademark will be refused registration by the U.S. Patent and Trademark Office as such marks can only be registered upon an affirmative showing of “secondary meaning.”

Leave Geography to Geographers

Letting consumers know the geographic source of your product might give them a quick sense of the overall quality of the product. An unsophisticated consumer looking for a “quality” wine, for example, might be quick to choose a French wine over a wine imported from another country less known for their viniculture. Including a geographical designation in your brand name, however, does little to strengthen the quality your trademark. In fact, a trademark which is “primarily geographically descriptive” cannot be registered with the U.S. Patent and Trademark Office absent a showing of “secondary meaning.” Making such a showing is onerous and, as such, should be avoided if possible.