There are a variety of forms of business entity which may be used in certain circumstances. One example is the limited partnership, a pass-through tax entity made up of two kinds of partners: general partners, who manage the business but have personal exposure for its liabilities; and limited partners, who are essentially silent investors but are protected from liabilities. Another example is the limited liability partnership. This is essentially a general partnership which, in exchange for registering with the state and paying an annual fee, gets a form of limited liability for its partners. Another aspect of protection to consider is patents. The main focus in understanding the material discussed this week is how to best protect your venture and yourself.
For this week, please discuss the following:
Why is it important to protect intellectual property and whose responsibility is it to protect intellectual property? What skills are needed to properly achieve this according to business law?
What role does information systems play?