1. How important is it for a company to develop
brand recognition through trademark?
2. Why is it necessary for companies in the
fashion industry to protect their product through trademark registration?
3.
If I make a design that unbeknownst to me is a reasonable facsimile of someone else's design, what legal recourses will the offended party take against me?
4. In your opinion, can it be argued that the
common practice of copying new fashion designs in affect forces designers to
come up with fresh new ideas?
5. When in the startup of a business is it
advisable to trademark your brand?
6.
How long does it take for an application for a fashion trademark
to be approved?
7. How long do fashion trademarks
last?
8. Are fashion trademark rights
transferable?
9. When starting a business, should
I license my company as LLC or INC?
10.
What are the legal advantages and disadvantages
of a sole proprietorship?
These questions are of interest to me because these are pertinent issues we have to face once we decide to become small business owners. “For much of history, land was the most valuable form of property. It was the primary source of wealth and social status. Today, intellectual property is a major source of wealth. New ideas—for manufacturing processes, computer programs, medicines, books—bring both affluence and influence” (Pg. 502). The protection of our intellectual property is one we should look carefully on and research upon embarking on creating our own brand. “The high cost of developing intellectual property, combined with the low cost of reproducing it, makes it particularly vulnerable to theft” (Pg. 502). As designers and professionals in the fashion industry, I believe many of us feel we have ideas and designs that are unique and worthy of exploration by perhaps leveraging it to start our own business or land a lucrative position in a large company. But what if someone were to steal our designs or unique ideas? We must know the law to see where we can be protected. We are fortunate to live in the United States where there is a high value in intellectual property so there are laws to protect it. “Some commentators suggest that the United States has been a technological leader partly because its laws have always provided strong protection for intellectual property” (Pg.502). Brian is from Canada and expresses there are very similar laws governing intellectual property in his country as well. Because of the Madrid Agreement, there are some 92 countries that recognize another participating country’s trademarks. This international agreements make it easier for a company to protect its brand because there are less complicated steps to take. The internet also makes commerce a global stage and with many company doing e-commerce, it is incredibly important to protect your brand internationally.
I also asked questions on the most advisable way to structure a business, as an LLC or S class. As I continued to read the chapter, I started to understand it is probably most advisable to obtain an LLC structure because of the easier tax filing and less financial risk in terms of bankruptcy. “Members are not personally liable for the debts of the company. They risk only their investment, as if they were shareholders of a corporation” (Pg 377). Capital and investment in building a business is enough to risk. I would rather not risk losing my personal assets as well if the business does not succeed and I need to file for bankruptcy.
These questions are of interest to me because these are pertinent issues we have to face once we decide to become small business owners. “For much of history, land was the most valuable form of property. It was the primary source of wealth and social status. Today, intellectual property is a major source of wealth. New ideas—for manufacturing processes, computer programs, medicines, books—bring both affluence and influence” (Pg. 502). The protection of our intellectual property is one we should look carefully on and research upon embarking on creating our own brand. “The high cost of developing intellectual property, combined with the low cost of reproducing it, makes it particularly vulnerable to theft” (Pg. 502). As designers and professionals in the fashion industry, I believe many of us feel we have ideas and designs that are unique and worthy of exploration by perhaps leveraging it to start our own business or land a lucrative position in a large company. But what if someone were to steal our designs or unique ideas? We must know the law to see where we can be protected. We are fortunate to live in the United States where there is a high value in intellectual property so there are laws to protect it. “Some commentators suggest that the United States has been a technological leader partly because its laws have always provided strong protection for intellectual property” (Pg.502). Brian is from Canada and expresses there are very similar laws governing intellectual property in his country as well. Because of the Madrid Agreement, there are some 92 countries that recognize another participating country’s trademarks. This international agreements make it easier for a company to protect its brand because there are less complicated steps to take. The internet also makes commerce a global stage and with many company doing e-commerce, it is incredibly important to protect your brand internationally.
I also asked questions on the most advisable way to structure a business, as an LLC or S class. As I continued to read the chapter, I started to understand it is probably most advisable to obtain an LLC structure because of the easier tax filing and less financial risk in terms of bankruptcy. “Members are not personally liable for the debts of the company. They risk only their investment, as if they were shareholders of a corporation” (Pg 377). Capital and investment in building a business is enough to risk. I would rather not risk losing my personal assets as well if the business does not succeed and I need to file for bankruptcy.
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