MHR 322 Formation and Intellectual Property Quiz
To be patented, an innovation must be all of the following EXCEPT
Complex
All of the following are forms of intellectual property protection EXCEPT
Eminent domain
All intellectual property is subject to the same rules and requirements for obtaining protection.
False
In a sole proprietorship, the business owner is not personally liable for the debts and obligations of the business
False
One of the attractive features of a partnership business entity is that each partner is liable only for his/her own decisions and actions.
False
When forming a new venture, the key issues that most entrepreneurs should address in choosing the best entity type include all of the following EXCEPT:
Industry
College Cards, David's Kemmerer's Wisconsin-themed version of Cards against Humanity, was shut down because it potentially violated which type of intellectual property?
Trademark
If a trademark has been used in commerce (e.g. a logo on a product or words on a website that are linked to a product), then the trademark may be protected in the geographic areas it has been used, even if the owner did not file for registration with state or federal government.
True
If two or more people start a business together, then unless they file a registration as an alternate entity, the business is by default a partnership.
True
In a c-corporation, the shareholders vote to determine who sits on the Board of Directors, and the Board is responsible for hiring the executive officers, such as the CEO and CFO.
True
In a corporation (c-corporation), the owners (shareholders) are not legally liable for the decisions and actions of the managers.
True
In general, a partnership entity passes income directly to the partners (pass-through) so that they only pay taxes on the income as individuals.
True
In the United States, intellectual property rights can be provided by the courts through "common law" or by the federal government.
True
Intellectual property refers to legal mechanisms that protect intangible personal property rights.
True
Most publicly traded companies (companies listed on exchanges such as the NYSE and NASDAQ) are c-corporations.
True
One of the most important aspects of a partnership entity is that any of the general partners can act on behalf of the organization without authorization from any of the other partners.
True
Unlike patents, trademarks can be potentially protected forever
True
To be considered a trade secret, information must be used in a company's business to give an advantage over competitors AND
the company must make reasonable efforts to keep the information a secret
Most copyrights protect creative work for the duration of:
the life of the last surviving author plus 70 years