Intellectual property (IP) refers to innovations of the mind, such as inventions, scholarly and creative works, patterns and marks, names and likenesses used in trade and business. All IP is protected by the various laws in existence locally, regionally nationally, and internationally. Laws exist for patents, trademarks, copyright, service marks, trade secrets and more.

What is a Patent?

A patent is an absolute right granted for an invention, which is a product or a method that provides, in general, a new way of doing something, or proposes a new specialized solution to a problem. To obtain a patent, methodological information about the invention must be revealed to the public in a patent application. The process for obtaining a patent is complex. If you are interested in obtaining a patent, you should first visit this website: The US Patent and Trademark Office. Once you have begun to understand this process and the associated laws you can apply for a patent. However, keep in mind this is a complex process and using an attorney specializing in patents would be the best avenue to use.

What is copyright?

Copyright is a legal term used to illustrate the rights that creators have over their literary and artistic works. Creations covered by copyright range from books, music, paintings, sculpture, films, computer programs, databases, advertisements, maps, technical drawings, and more. Copyright is not a complex IP to apply for and most people can easily complete a form and submit their work. Be sure to visit the Copyright Office online to learn everything you need to apply for a copyright, including fees, what to submit, etc: US Copyright Office.

What is a trademark?

A trademark is a sign which distinguishes between goods or services of one company from those of other companies. Trademarks are safeguarded by intellectual property rights. Trademark protection can be obtained through registration, by completing an application for registration via the trademark office and paying the required fees. The website is the same as for patents.

What is a Service Mark?

A service mark is a mark that distinguishes between services. Businesses use service marks to connect their services and differentiate them from other services in the same field. Service marks consist of letters, words, symbols, and other devices that help notify consumers about the origin or source of a particular service. Registration can be completed at the US Patent and Trademark Office.

What is a Trade Secret?

The Uniform Trade Secrets Act (“UTSA”) classifies a trade secret as: information, including a formula, pattern, compilation, program, device, method, technique, or process that produces independent economic value. These secrets are either tangible or impending, and generally are not known or easily discovered by other persons who might receive monetary value from its revelation or use; and is the focus of efforts that are logical under the conditions to preserve its secrecy. There are two basic situations in which acquiring the use of a trade secret is illegal. If a trade secret is acquired through illegal means or if through a breach of confidence then there is a legal standing for suit. Trade secrets may be obtained by lawful means such as private discovery, reverse engineering, and unintentional disclosure. The trade secret holder’s failure to take reasonable protective measures can allow this to occur. The misappropriation of trade secrets is considered a form of unfair competition. Reverse engineering is oftentimes restricted as found in computer programs.

What is Industrial Design?

An industrial design right is an intellectual property right that shields the visual design of objects that are not purely functional. An industrial design consists of the creation of a model, pattern or composition of a pattern or color, or permutation of a pattern and color in three-dimensional form containing aesthetic value. An industrial design can be a two- or three-dimensional prototype used to produce a product, industrial commodity or handicraft.

What is Trade Dress?

Trade dress is a legal term of art that generally refers to characteristics of the illustration of a product or its packaging or the design of a building that signifies the origination of the product to consumers.

What is Fair Use?

Fair use is any copying of copyrighted material done for a partial and that changes the purpose, such as to comment upon, disparage, or lampoon a copyrighted work. Such uses can be done without permission from the copyright owner. Fair use is a defense against a claim of copyright infringement.

Commentary and Criticism

If you are commenting upon or criticizing a copyrighted work a book review or any valid review, fair use principles allow you to replicate some of the work to accomplish your purposes.

These are the most common forms of intellectual property. If you decide that something you have created falls under one of the categories stated in this article, then you should look into registering the work or product. Be certain that what you are registering is not the same as what someone else has already registered.

Rental Property on the FAFSA has always been an area of contention in my mind.  The manner these assets are listed on the FAFSA can mean the difference of thousands of dollars in financial aid.   For the government to tell you what is and is not a business enterprise that is making money kind of frosts me.  The 2009-10 FAFSA Application and Verification Guide states the following…

At times a student or parent will claim rental property as a business.  Generally, it must be reported as real estate instead. A rental property would have to be part of a formally recognized business to be reported as such, and it usually would provide additional services like regular cleaning, linen, or maid service.

If at all possible, you want to claim real estate as a small business, and therefore qualify for the small business exemption on the FAFSA form.  Here are a few guidelines to follow which make claiming real estate as a business much easier.

1.  Organize under a separate legal entity – Don’t hold rental properties directly in your name and expect them to fly with a financial aid officer.  They should always be organized under a C-corp, S-corp, LLC, or similar entity.  This is by far the most important qualification to be considered a business asset.

2.  The more activity the better – If you just have one piece of property that you rent out, or if you have a vacation cottage on a lake that maybe you rent once or twice during a season; don’t expect that to be considered a business asset.  The more activity you have in real estate the better.  You need to be able to demonstrate substantial levels of material participation and activity.  If you have multiple properties and active participation in managing them, it will strengthen your case.  This is one area where going big and acquiring more assets will help you.

3.  Show associated activity – The following activities showing in your corporation may also indicate more business activity, rather than just rentals:

• Develops or redevelops
• Constructs or reconstructs
• Acquires
• Converts
• Operates or Manages
• Brokers
• Other business activity associated with the property

4.  Other activities – There are other signs or activities which will add weight to listing real estate as a business operation:

• Registering for appropriate state and local permits
• An employer identification number (EIN)
• Fictitious name registration or DBA for the business
• Separate business checking account

These four guidelines will definitely strengthen your hand in getting that small business exclusion on the FAFSA form.  But it is not a black and white standard.  Some schools will let you keep the exclusion, others will not.  My recommendation is when in doubt, list the property as a business.  Make the school take the initiative to prove it otherwise.

New home buyers should be extremely cautious regarding hidden property defects of a foreclosure real estate purchase. Recent national real estate data reports that the majority of real estate transactions are now part of a foreclosure process. At the same time, a significant percentage of these buyers at forgoing the recommended professional home inspection process. Buyers are skipping this prudent inspection process is some cases because they have been misinformed by the bank, and others, that the property will be only sold “as is” and no repairs will be completed. As an experience real estate inspector (involved in hundreds of foreclosure inspections), I can report that the “as is” rational to forgo a professional home inspection will not only cost the buyer thousands of dollars in purchase price and repair losses, but will also put the buyer’s family at risk from undiscovered safety and environmental hazards.

Having a foreclosure home inspected diligent professional is as important as inspecting a home where the occupant homeowner is available – maybe more so. Sellers and their representatives are required to disclose all known significant defects. But, if a foreclosure home is owned by a bank, the bank has never lived in the property, so it is not likely there will be very much information on any disclosure statements. In this situation, it is especially important to take the necessary steps to know the true condition of the property. Homes usually go into foreclosure because the owner can no longer afford the mortgage payments and has moved out. As a result, maintenance and repairs get neglected as well. In many cases the owner or tenant is angry, and actually removes or destroys major systems in the home. It is critical that buyers know the condition of the structure and all the major systems. Only a Certified Real Estate Inspector will provide that information.

The “as is” statement, has been promoted as meaning the bank will not fix any defects found. My experience is just the opposite. My inspection clients have reported that banks are often responsive for expensive and or safety hazard defects reported by a Certified inspector. Even if the bank is unwilling to negotiate over any discovered defects, the information the buyer receives from a thorough home inspection is invaluable in making an informed purchase decision. And even if there are plans to do significant remodeling, why risk discovering problems with the furnace, foundation or structure after you close escrow and begin work? Better to eliminate any big financial, environmental and safety hazard surprises by knowing up front about problems by getting a detailed home inspection. The inspection process is really the only way to find out if the foreclosure property is really a good financial deal or not.

Homebuyers, banks and or sellers should retain the services of qualified inspectors trained and experienced in home inspection. It is also critically important that the inspector be a certified member of a well-founded professional association such as ASHI (American Society of Home Inspectors). ASHI is the largest and oldest inspection association in the country. Certified ASHI inspectors must adhere to CREIA’s Code of Ethics and follow the Standards of Practice developed and maintained by the Association. Recognized by national consumer associations, these Standards of Practice are considered the source for Home Inspector Standard of Care by both the real estate and legal communities.

Looking to invest in commercial real estate, but don’t know which property type to consider? Here’s a comprehensive guide on the five most common types of commercial properties.

1) Multifamily (Apartment Buildings) – Multifamily refers to apartment buildings of all sizes. It is categorized into garden apartments, walk-up apartments, mid-rise apartments, high-rise apartments, and special-purpose housing.

Garden apartments are low-rise apartments with typically less than 3 stories, built in a garden-like setting. Walk-up apartments are 4-6 story apartments without an elevator. Mid-rise apartments are 4-8 story apartments with an elevator. High-rise are 9+ stories with at least one elevator. Special-purpose housing is a multifamily property that targets a population segment, which includes student housing, senior housing, subsidized housing, etc.

Pros of Multifamily Properties:

• Easy to get into with smaller properties and slowly transition to larger properties

• Tax benefits

• Use rents in place for financing

Cons of Multifamily Properties:

• 24/7 tenant management

• Pro-tenant legislation

• Rent control

2) Industrial – Industrial is typically used for producing, manufacturing, or storing products. It includes warehouses, garages, distribution centers, etc. It is oftentimes separated into heavy manufacturing, light assembly, flex warehouse, and bulk warehouse, depending on the size and use of the property.

Heavy manufacturing oftentimes heavily utilizes machinery and usually requires a substantial amount of renovation before renting to another tenant. Light assembly includes storage, product assembly, and office space, which is easier to reconfigure than heavy manufacturing. Flex warehouse normally includes both industrial and office space, making it an easily convertible space. Bulk warehouse are massive properties, typically 50,000-1,000,000 sq ft space, usually used for regional distribution of products.

Pros of Industrial Properties:

• Deal with single tenant

• Long term and stable leases

• Relatively small initial investments

Cons of Industrial Properties:

• Area specialization, making it harder to find new occupier

• Hefty and extensive reconfiguration expenses

• Higher tax rates, depending on area

3) Office Buildings – This category includes single-tenant properties, small professional office buildings, downtown skyscrapers, and everything in between.

Office buildings are either Central Business District (CBD), which is in the middle of a city, or suburban office buildings. There are three categories: Class A, Class B, or Class C, which is determined by the quality of construction and desirability of the location of the office.

Pros of Office Buildings:

• Less turnover

• Longer lease terms

Cons of Office Buildings:

• Less frequency to raise rents

• Emphasis on parking

• Expensive financing options

4) Retail/Restaurant – Retail includes strip centers, community retail centers, power centers, regional malls, and out parcels.

Strip centers are small retail properties that may have an anchor tenant, which is a larger, more well-known tenant that will attract small retail tenants. Community retail centers are between 150,000-350,000 square feet with multiple anchors, usually grocery stores and drug stores. Power centers have several smaller retail stores with a few box retailers such as Wal-Mart, Lowes, Staples, Best Buy, etc. occupying between 30,000-200,000 square feet, containing several out parcels. Regional malls are between 400,000-2,000,000 square feet with a lot of anchor tenants. Out parcel is land set aside for individual tenants such as fast-food restaurants or banks.

Pros of Retail/Restaurant Properties:

• Security and profitability of an Absolute Triple Net (NNN) lease

• Less turnover

• Less tenant management

Cons of Retail/Restaurant Properties:

• Less frequency to raise rents

• Dependent on tenant performance

• Location and foot traffic is extremely important

• Emphasis on parking

• Visual upkeep

5) Land – Land is fairly self-explanatory. It is often categorized as Greenfield land, Infill land, and Brownfield land.

Greenfield lands are underdeveloped land such as farms and pastures. Infill land is vacant land located in cities that have already been developed. Brownfield lands are usually environmentally impaired land that was previously used for other industrial or commercial use. The land is available for re-use.

Pros of Land:

• Tax benefits

• Less expensive

• More rental possibilities (depend on location)

Cons of Land:

• No immediate income from tenants

• Few financing options

• Requires ground-up development

The above are the most common types of commercial property types. There are several others that have not been discussed above such as hotels, funeral homes, nursing homes, theaters, etc, which are special-purpose type properties.

Suppose you decide to do what I recently did and contact the managing partner of a consulting firm and propose that the two entities agree to explore the possibility of forming a business alliance that just might become very profitable? Business is all about deal-making and every once in a while a Solopreneur has to pitch a good proposal to the right prospect. After all, nothing ventured, nothing gained.

But there is risk involved, usually for the smaller entity. Solopreneurs typically offer intangible services, better known as intellectual property. We trade on our expertise and judgment, our brand and reputation, that which distinguishes us from the pack and allows us to make a living.

Engaging in a business alliance or joint venture usually involves the sharing of intellectual property by one or all of the parties (in this case, it would be me). How can you protect yourself from unscrupulous operators who might decide to appropriate your valuable IP as you’re out there trying to be proactive and proposing potential business deals to parties who might be interested?

Denver attorney Susan F. Fisher defines intellectual property or trade secrets as “any formula, method, or information that gives you a competitive advantage… anything that takes time, money or effort to develop and that you don’t want potential competitors to know about.”

Most business alliances, including licensing arrangements, require a Solopreneur or business owner to reveal trade secrets and other IP. Protecting the coin of your realm is a top priority. Surprisingly, trade secret protection can mostly be achieved by taking just a few simple steps that cost no money at all to enact.

Step one is to identify your intellectual property or trade secrets as restricted material and therefore not available for general distribution. Mark the material “Confidential” in big bold typescript. Step two is to require a special password to access the document file, to provide yet another level of security.

A third IP security measure is to unambiguously state in a letter, or in the email to which the file of IP information is attached, that the information within is proprietary and confidential and that it is being provided as part of a business proposition for which you would like to be paid, should the proposal come to fruition.

Instituting such safeguards not only protects IP, but if a dispute should lead to litigation, will also demonstrate to lawyers, judges and juries that you identified your IP as confidential and not intended for general distribution; that you made it known that the information you shared was sensitive; and that you intended and attempted to protect your IP.

The ultimate level of security is to require that the party with whom you share IP sign a nondisclosure agreement. The NDA provides formal legal protection for your IP and trade secrets. Furthermore, the NDA specifies which information is considered proprietary and which is not and also describes guidelines as to how the IP may be used and for how long the information must remain confidential. In the NDA, your attorney should request that all copies of confidential information that detail the ingredients of your “secret sauce” be returned to you at the end of that term.

So by all means, be an enterprising Solopreneur and pitch a good idea to the right decision-maker. Just be sure to start the venture off on the right foot by taking a couple of no-cost steps to protect your interests.

Thanks for reading,

Kim

Giving house or a portion of the house on rent is one of the common practices followed by mankind from the years. It can also be said that giving property on rent is the source of earning extra income by sitting at home. Going through this practice lots of people either extend the portion of their existing house or construct extra houses forgiving on rent. All these activities in the beginning seem quite simple to them and they exhibit their properties proudly in front of their known ones, but their happiness is not less than a bubble that vanishes in the span of few seconds.

From vanishing I do not mean that their property vanishes or collapses, but I mean the problems which they face before and after giving property on rent smashes their dreams of earning substantial earnings from property within the short period. This is mainly because of complications related to the property giving on rent, because giving property on rent is not stagnated to allowing someone to stay in your house and pay you the asked rent to you. There are lots of formalities which being as a landlord is expected to be followed by you, with this you also have a plethora of responsibilities towards your tenants to which are expected to be accomplished by you on demand.

Anyhow, all these problems can be realized only by the person who has constructed additional property only for the purpose of giving it on rent, because generally if someone has given a portion of his house for rent he can easily look after the matters related to tenancy. But, if a person has developed some additional property, then there are chances that he will definitely realize that managing a property giving on rent is everybody’s cup of coffee.

So how to get rid of this problem is the matter of concern among such landlords or property owners. Interestingly, with an objective to provide remedy to such landlords for their problems today there are various property management firms which look after towards all the matters related to giving property on rent. These groups or firms are mainly constituted by the group of experts having knowledge in dealing with the issues related to the property given on rent.

Types of Property Management Fees: Although property management fees refer to the amount charged for looking after the property given on rent, but depending upon their requirements the property management firms charge the fees in different formats. Some of them are referred below:

1. Monthly Management Fees: It is self understanding term and refers to the payment made to property management firm every month for the services rendered by it. This payment is made for the varied services offered by the group, including receiving rent from the tenants, regular inspection of property, property maintenance, attaining the complaints received from the tenants during odd hours, etc. The amount of this fee mainly varies from 7% to 10% of the monthly rent received from the tenants.

2. Leasing Fees: This fee refers to the investment made for advertising the property, showing the property to your prospective tenants, screening tenants and checking their previous credit score, getting all the legal documents prepared accordingly and various other tasks. This is generally one time fees and mainly varies from 75% to 100% of the rent for the first month.

3. Maintenance Fee: It mainly refers to investment made by the company for maintaining the condition of your property. As a general practice this type of fee is mainly charged on terms and conditions determined between the property management company and the landlord. If the landlord takes the responsibility of looking after the maintenance of property no fees is paid to the group, but in case if the responsibility is handed on the shoulders to the group. Then, depending upon the terms, conditions and maintenance fee is paid to the group.

4. Late Fee: If the tenant is not able to pay the rent on the determined date, in that scenario the management firm might opt for collecting the full portion of rent or certain percentage of rent depending upon the mutually agreed conditions.

5. Eviction Fee: There might be circumstances when the landlord might wish to get his house vacated before the end of the contract. In that scenario the management company can help him in getting the tenants evicted from the house either through mutual agreement or via court. Depending upon the efforts and time, the property management company can charge the necessary fees for the same.

Many people have heard, read, spoken, written, or signed documents with the phrase “intellectual property”. But do they always know what intellectual property, or IP, entails? When beginning with a new employer, there is often a confidentiality clause or document that includes an IP reference, usually to the effect that any creations of the mind resulting from employment or at employment are the property of the employer. Most sign these documents and aren’t always sure what they are agreeing to.

Intellectual property law covers a wide spread of legal territory, from trademark and copyright, to inventions, to design, to creative aspects such as writing, music and art. The practice of IP law may be protecting those who are the creators of new ideas or designs or may defend the company with the IP clause in the contract. For example, an intellectual property attorney may help an inventor or entrepreneur file a patent for a new invention or file the papers to trademark the logo for said invention. A singer or musician may work with an IP attorney to file copyrights to protect their rights regarding recorded performances and sales of their works.

Because this area of legal practice is so broad and wide ranging, it is not uncommon for IP attorneys to specialize within the practice of IP. Some attorneys may hold engineering degrees or backgrounds that bolster their understanding of industrial part of IP law and all of the work that and technical understanding those patents incur. Other attorneys may have strong work experience and education in the fields of business, banking, non profits, or the performing arts, again helping to understand and better practice the nuanced and specialty aspects of trademark, copyright and patent law.

Although many cases in IP law involve individuals filing for patents and trademark or copyright, there are many cases involving businesses as well. Large corporations to sole proprietorships all may find the need to file a trademark or copyright. Working with an intellectual property attorney, allows for all possible conflicts or infringements to be researched and hopefully avoided. These attorneys may also work to help with the actual paperwork and process of filing and managing the trademark or copyright. It may be that down the road a competitor or newly started company knowingly or unwittingly infringes on a trademark or copyright. Having an attorney who knows the history can be very advantageous when protecting said identifiers.

For any individual or company looking for an IP lawyer, the first step is to find an attorney with the expertise and specialty experience in the field. A performing artist working with an IP lawyer who specializes in technology may not be a good fit. But if that artist can find a firm with experience and expertise in performing and creative arts, the next step is to then ensure the firm works with individuals. Some firms only work with business entities, some only with individual and some with both. Of course it also important to work with a firm whose culture and personality fits with the client’s.

The real estate market thrives with many opportunities that give chance to people to earn. The portfolio is diverse such that there are also many investments to try.

Rental properties are among the most common of the real estate property investments. This is as simple as buying out the property and letting someone (tenant) rent it for some period as determined by a contract. While the landlord (property owner) is responsible for maintenance and tax dues, the tenant has the obligation to pay for the monthly rent.

The downside to this investment is if the landlord will have to deal with irresponsible tenants. These people do not care at all and can end up damaging the property.

If you’re not keen with this property investment, you can try the real estate investment group. It will let you buy apartment blocks, condo units or even townhouses with a single company acting as the property manager. You keep ownership, usually documented in block and white. The investment company collects payments for you whole keeping some portion of what the tenants pay for the monthly rent. In some cases, there is a portion allotted to cover for units which are left vacant for short periods.

Another property investment is called flipping. In this method, you buy a property and flips it to the next owner. It’s like buy and sell. Usually, flipping a property takes three to four months. You just have to be keen on eyeing properties that can be sold without having to alter them at all.

However, there are new flippers who also shell out small amount of money to make the properties they buy more attractive. Few renovations and improvements are done before they look for the next buyer. This buyer may be someone who just looks for his new house or someone who is also a property flipper.

There are also property investors who take risks on financing people who have mortgage dues. Some do these in exchange for collaterals like cars. Some take the property titles and return them to the owner when the debt has been repayed.

Real estate is truly diverse. Many forms of investments are now available for those who do not only seek shelter but also seek shield from financial crisis.

If you are looking for real estate investments within your place, seeking the help of a real estate professional is a big leap towards this realization/

Property law falls into the common law legal system and concerns all aspects of ownership of 'real' property (land ownership as opposed to ownership of movable possessions) and personal property (movable possessions).

The concept of property law has been around since the days of ancient Rome and the emperor Justinian's Corpus Juris Civilis, which was concerned with dividing civil law into three categories: personal status, property and acquisition of property. The concept of property law as we know it today first evolved out of France's feudal system and was the first successful implementation of such a law, called the Napoleonic Code, based on Justinian's ideals.

Thus property has gone from lying in the hands of the monarchs and feudal systems of the middle ages to total rights of the individual property owner. However, civil law to this day still distinguishes between property laws surrounding immovable possessions, like land, and property law concerning movable possessions, like clothes, cars, etc.

Property laws today ensure that a person's legal rights and obligations surrounding their property are protected. This is a branch of law where it is especially important to be informed in, because it directly affects people more than any other sector of the law. The numbers of lawyers in existence are many; However, don't go to just any lawyer for any disputes regarding property. Property law is a specialized field that needs the skills of a solid professional who has previous experience in property law.

There are numerous intricacies, loops and holes in property law and a property lawyer can help you navigate them easily and efficiently. Under property law fall a number of topics, such as the overlap of contract law and property law, property rights vs. personal rights, possession of property, transfer of property, leases and much more. Property law, then, seems to be a blanket term that applies to any number of topics and scenarios dealing with both movable, personal property rights and movable property rights.

MyAbogado.com is a popular legal directory that helps users locate legal professionals across the country while providing the legal community and litigation support providers with a low cost method to market their services to other professionals and members of the public across the country. To find out more, please visit myabogado.com

One primary reason persons buy rental properties is because of investment benefits. Many rental property owners may already know of this. But few maybe aware of the various tax benefits they may reap. Here are some of them.

Depreciation

One of the first tax benefits that rental properties accords their owners is depreciation. It deduces the costs involved in buying and improving the property. Instead of the tax deductions being taken as one large chunk during the year when the property is purchased, the depreciation is spread across its useful life. You can start depreciating the property once it is placed on lease, not when someone starts leasing it. To better understand this specific tax benefit, one might need to consult with the IRS.

Dual-use deductions

A lot of rental properties can be used for dual-use deductions. With professional help from accountants, one can maximize the legal tax deduction claims. Tax benefits like this are commonly applicable to properties that are located in vacation or tourist spots. For instance, if you own a rental property in a beachfront, you can write-off deductions involved when you visit it for periodic inspections.

1031 Exchanges

Do you know that you can defer capital gain taxes through rigid structured 1031 Exchange? Section 1031 of the IRC allows you to sell a property, to reinvest the proceeds into a new property, and eventually write off the capital gain taxes. It states that, " No gain or loss shall be recognized on the exchange of property held for productive use in a trade or business or for investment, if such property is exchanged solely for property of like-kind which is to be held either for productive use in a trade or business or for investment. "

Property owners who plan to use the 1031 Exchange should learn carefully what like-kind means because the tax code has no such definition for it. Better yet, consult tax advisors or real estate agents to have better understanding of the terminology.

If you are contemplating of buying a rental property, think of the various tax benefits that can be on your side. Depreciation, dual-use, and 1031 exchanges are three of them. Each one of them have certain processes to follow to qualify. Consult a property tax advisor for legal advises.

For other real estate concerns, your local real estate agent can always extend his or her professional expertise. He or she can also connect you to tax consultants within his network.