Answered: You have been hired by an inventor of a…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Question

You have been hired by an inventor of a new power cell for cars, trucks and boats, who has some inquiries from prospective investors who would like to know more about the invention before they put their money into the business. He has not yet incorporated his business, but likes the idea. There are three key issues to deal with: 1) Incorporate his company after explaining the pros and cons of incorporation. The name he proposed was 21st Century Vehicle Batteries Inc. 2) You must advise him as to how to protect his intellectual property. He has only applied for one patent that is not yet approved. What else should he do? Describe any essential steps. 3) Prepare a non-disclosure agreement for him to give to the prospective investors to sign. You will want to keep the NDA fairly easy to understand , so limit the document to 3 pages, but all the key points must be covered.

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