Legal Issues for Entrepreneur

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Legal Issues for Entrepreneur by Mind Map: Legal Issues for Entrepreneur

1. Intellectual Property Rights

1.1. Copyrights

1.1.1. Copyright is a form of intellectual property protection granted

1.1.2. Copyright law protects expressions of ideas rather than the ideas themselves

1.1.3. Copyright protection is conferred on all Original literary, artistic, musical or dramatic, cinematograph and sound recording works

1.2. Trademarks

1.2.1. The Trade Marks Registry was established in India in 1940 and presently it administers the Trade Marks Act, 1999 and the rules there under

1.2.2. The objective of the Trade Marks Act, 1999 is to register trademarks applied for in the country and to provide for better protection of trade mark for goods and services and also to prevent fraudulent use of the mark.

1.2.3. The main function of the Registry is to register trademark which qualifies for registration under the Act and Rules.

1.3. Trade Secrets

1.3.1. Trade secret is a formula, process, device, or other business information that is kept confidential to maintain an advantage over competitors

1.3.2. “Trade Secret is an effective tool to protect Intellectual Property Rights of an entrepreneur.”

1.4. Patents

1.4.1. Patent Right varies from country to country.

1.4.2. Patent law is complex, which is essential to obtain the services of an attorney who specializes in patent law.

1.4.3. The object of patent law in India is to encourage scientific research, new technology, and industrial progress

1.4.4. The fundamental principle of Patent law is granted only for an invention.

2. Intellectual Property Rights in India

2.1. Trade Related Intellectual Property Rights ( (TRIPs ) is of special significance to the Entrepreneurs.

2.2. The Government of India has taken several measures to streamline and strengthen the intellectual property administration system in the country.

2.3. The Trade Marks Registry is also proposed to be further strengthened and modernized.

3. Legal Issues to Consider when Starting Your Business

3.1. Business Name

3.1.1. The business name you plan to use is not already being used by another business.

3.1.2. You can reserve it with the Secretary of State’s office for a period of time, about 120 days

3.2. Business Structure

3.2.1. You will need to decide which business structure best suits your business

3.2.2. To decide what form is best, you will need to consider liability issues associated with your business and which form will provide the best tax structure for your business

3.3. Business Licenses

3.3.1. Depending on what type of business you plan to engage in, you may need a variety of licenses or permits.

3.4. Non-disclosure Agreements

3.4.1. If you will be setting up financing for your business or entering into contracts with suppliers, you should consider confidentiality and non-disclosure agreements