Patents, Taxes, and IP w/Special Guest Christopher Brown of NorthStar Law Group

J.D. Hosted Chris Brown of NorthStar Law Group based in Olympia, WA. We talked about formation and how important it is for inventors to secure protection on their inventions not just with patents, but by forming an LLC to hold their IP in especially if they are in a service based business. Chris went on to use an example of a dental practice and how the founder should house his/her IP in a separate entity (LLC was the example) apart from the dental practice, which would likely be a corporation. That way the individual inventors can monetize (license/sell) the rights to their IP cleanly and it is not entangled within the company owners. Furthermore, any lawsuits against the dental practice could not feasibly touch the IP assets, which are held separately. We both took a Bold Bite out of a youth inventor of the Measuring Shovel, which is a shovel with a built-in measuring tool to show how deep a hole is as you dig it. J.D. gave his opinion of the patent, highlighting how great it is that a minor can own a patent, that there is no age limit to filing. Also, J.D. went through the claims of the patent and was really surprised at how broad the rights were, with only three major elements to the utility patent. Chris gave his opinion on how the company structure should be, and some caution when it comes to taking on equity investors. We wrapped up the show after doing some live and preloaded questions form Avvo.com

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Everything discussed on this podcast is for informational purposes only and not for the purpose of providing legal advice.