LLC vs. C Corporation
In order for the development to be successful, girls need to determine the type of business organization. To become a C corporation, a business must have management and a board of directors and must file all required paperwork annually (Kahn & Mohan, 2020). Moreover, enterprises of this type are taxed twice, once for the income of the corporation, then for the income of the members of the corporation (Kahn & Mohan, 2020). A limited liability company combines the advantages of individual ownership and partnership. An LLC is not a corporation and is more suitable for a small business. It is easier to organize an LLC, and the state offers benefits to such companies (Eimermann et al., 2020). For Corey and Clarence, it is much more advantageous to create an LLC, since they previously had no experience in business structures. The process will be simpler and more profitable due to the single structure of the tax collection.
Intellectual Property
For girls who decide to register their invention, the most beneficial forms of intellectual property protection will be copyrights and patents. Copyright protects original copyrighted works as soon as the author fixes the work in tangible terms (USCO, 2020). The advantages of this form of registration of intellectual property are all the rights to dispose, demonstrate and authorize other persons to dispose of the property (USCO, 2020). If the property is a joint work, the period is seventy years after the death of the last surviving author (USCO, 2020). The US Copyright Office registers copyright claims and records copyright ownership information to ensure security (USCO, 2020). A patent is a registered exclusive right to an invention. The advantage of this type of intellectual property registration is the prevention of commercial use by other people (USPTO, 2022). The term of a patent is predominantly 20 years from the date of application (USPTO, 2022). The US Patent and Trademark Office ensures that the rights of owners of this type of intellectual property are protected (USPTO, 2022). The most acceptable for Corey and Clarence is to register a patent to prevent interference by third parties.
References
Eimermann, T. E., Currier, K. A., & Campbell, M. S. (2020). The Study of Law: A Critical Thinking Approach. United States: Wolters Kluwer.
Kahn, K. B., & Mohan, M. (2020). Innovation and New Product Planning. United Kingdom: Taylor & Francis.
U.S. Copyright Office. (2020). What is Copyright? Www.copyright.gov. Web.
USPTO. (2022). General Information Concerning Patents. Www.uspto.gov. Web.