Chapter 9

B Corporation

A legal structure that expands corporate accountability to make decisions that are good for society, not just shareholders. Their performance standards enable consumers to support businesses that align with their values

Specification

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

Insolvent Debtor

Those who are unable to pay debts as they become due

Limited Liability Company (LLC)

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

Bankruptcy

A legal process for insolvent debtors who are able to pay debts as they become due

Copyright

A legal protection that provides exclusive rights to creative individuals for the protection of their literary or artistic productions

Trademark

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

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

Generic Meaning

Allowance of a trademark to represent a general grouping of products or services

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 copyright materials

Patent

An intellectual property right granted to an invert, giving him or her the exclusive right to make, use, or sell an invention for a limited time period

Trade Secrets

Customer lists, plans, research and development, pricing information, marketing techniques, and production techniques. Generally, anything that makes an individual company unique and has value to a competitor could be a trade secret

Abandonment

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

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