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When forming a business, entrepreneurs can select from several legal business structures. Two of the most commonly chosen are limited liability company (LLC) and C corporation (C corp). Though both options provide legal liability protection for business owners, incorporation offers stronger legal protection. C Corp Versus LLC: What’s the Difference? An LLC is not a form of incorporation; it’s a hybrid business entity. An LLC… Read More »C Corp Versus LLC: Which Is Better?

All new enterprises must select a business structure—such as a C corporation, S corporation, or limited liability corporation—and incorporation offers stronger legal protection than remaining unincorporated. Federal Requirements for an S Corporation An S corporation (or S corp) is a common choice for companies that want to avoid the double taxation—when a business is taxed as an entity and the business owners are taxed again… Read More »What Is an S Corporation? Definition & How To Form One

A critical decision for all new business owners is selecting the legal business structure that is best for them. Choosing the correct structure ensures better protection of their personal assets, a stronger chance of obtaining business loans, and the best possible tax situation. Main types of business structures include sole proprietorship, partnership, corporation (C corporation or S corporation), or limited liability company (LLC). Choosing the… Read More »Learn the Common Types of Business Structures

Business structures help protect owners from liability and enable them to maximize the tax benefits of running a business. A partnership business structure is one of the simplest ways for two or more people to run a business together.  The Most Common Business Partnership Structures One of the first decisions business co-owners must make is what type of structure works best for their business. There… Read More »What Is a Partnership Business Structure?

In recent years, the number of people in the United States starting a small business has skyrocketed. That makes sense, says Lynnise E. Pantin, Pritzker Pucker Family Clinical Professor of Transactional Law and director of the Columbia Law School Entrepreneurship and Community Development Clinic. “The story of the self-made man is woven into the fabric of our country. . . . That idea of entrepreneurship… Read More »Columbia Law Professor Offers Entrepreneurs Expert Guidance in Online Certificate Program

Great ideas become the machines and processes we use at work every day; the songs, books and art that capture our imaginations; the foods we crave without knowing why; and the brands we identify with most. All of these outcomes, inspired by creative thinking, are types of intellectual property (IP) and most are protected by a secure mechanism: copyright, trademark, patent, or trade secret. Some… Read More »The Four Types of Intellectual Property

A patent gives an individual, for a set period, exclusivity to manufacture, market, and sell something without competition. As an example, intellectual property—the creation and/or invention of an object or a process—is one way that businesses and business owners can distinguish themselves. The U.S. Patent and Trademark Office (USPTO) exists to help business owners and inventors secure the rights to such property through the designation of a… Read More »What Is a Patent?

For 135 years, people have tried to uncover the recipe for Coca-Cola.  Coke’s highly guarded formula (it has been locked in a bank vault for decades) is one of the best-known examples of a trade secret, but many products and processes are considered so valuable that laws exist to ensure their proprietary mechanics remain private.  Characteristics of a Trade Secret Lynnise E. Pantin, Pritzker Pucker Family… Read More »What Is a Trade Secret?

When considering protections to your intellectual property, you may wonder how best to proceed: trademark or copyright? Or both? What’s the difference? And how should you go about obtaining the protection for your business assets? For starters, a trademark and copyright are different. You may find yourself considering both at different phases of your business. The more important consideration is the trademark as it’s the… Read More »What Is the Difference Between Trademark and Copyright?

Intellectual property is the foundation for any successful business model. It differentiates your business from current and potential competitors. But an idea is just an idea without copyright law to protect it. When asked how to copyright an idea, Lynnise E. Pantin, Pritzker Pucker Family Clinical Professor of Transactional Law at Columbia Law School says, “Copyright law protects your creative expression but not your ideas.… Read More »How to Copyright an Idea