In every beginning there is an end, and in every planning for the beginning of your company there should also be a plan for the end ... whether all goes well or all goes south. Part of that planning should include any intellectual property you and/or the business may own.
Have you planned to structure the sale of both your business and your intellectual property? To what degree are the products of your company intellectual property products? Who owns the property, you or the company? Just as likely, is it possible that a previous employer has claim to your intellectual property?
Heed some advice given in a recent Forbes article titled “Start With The End In Mind: Four Must-Dos For Intellectual Property.”
With a personal business, so much of your own life – your blood, sweat, tears and ideas – go into the business. Accordingly, any planning for the business is truly a bit of life planning for yourself.
So how can you protect your intellectual property and what is your property in the first place? And, if you are already at the point of sale, how do you go about protecting and valuing that intellectual property?
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri) and to download free tools to help you organize your estate, visit my estate planning website.
Reference: Forbes (June 9, 2014) “Start With The End In Mind: Four Must-Dos For Intellectual Property”