ENTR Chapter 9

abandonment

Nonuse of a trademark for two consecutive years without justification or a statement regarding abandonment of the trademark.

specification

The text of a patent; it may include any accompanying illustrations.

insolvent debtors

Those who are unable to pay debts as they become due.

limited partnerships

A form of company organization that permits capital investment without responsibility for management and without liability for losses beyond the initial investment.

limited liability company

A hybrid form of business enterprise that offers the limited liability of a corporation but the tax advantages of a partnership.

trademark

A distinctive name, mark, symbol, or motto identified with a company's product(s).

Sole Proprietorship

A business owned by one person

infringement budget

A realistic budget for prosecuting violations of the patent.

claims

A series of short paragraphs, each of which identifies a particular feature or combination of features, protected by a patent.

cancellation proceedings

A third party's challenge to the trademark's distinctiveness within five years of its issuance.

limited liability limited partnership

A variant of the limited partnership. An LLLP has elected limited liability status for all of its partners, including general partners.

limited liability partnerships

A variant of the limited partnership. An LLLP has elected limited liability status for all of its partners, including general partners.

generic meaning

Allowance of a trademark to represent a general grouping of products or services (for example, Kleenex has come to represent tissue).

partnership

An association of two or more persons acting as co-owners of a business for profit.

fair use doctrine

An exception to copyright protection that allows limited use of copyrighted materials.

patent

An intellectual property right granted to an inventor, giving him or her the exclusive right to make, use, or sell an invention for a limited time period (usually 20 years)

Patent and Trademark Office

An office of the federal government through which all patent and trademark applications are filed.

Bankruptcy Act

Federal law that provides for specific procedures in handling insolvent debtors.

trade secrets

Generally, anything that makes an individual company unique and has value to a competitor could be a trade secret.

intellectual property right

Provides protection such as patents, trademarks, or copyrights against infringement by others.

cleaning-out procedure

The failure of a trademark owner to file an affidavit stating that it is in use or justifying its lack of use within six years of registration.

unlimited liability

The individual proprietor is personally responsible for all business debts. This liability extends to all of the proprietor's assets.

S corporation

a business can seek to avoid the imposition of income taxes at the corporate level, yet retain some of the benefits of a corporate form

corporation

a separate legal entity formed by documents filed with a state

bankruptcy

obligations greater than assets