Discuss the factors that must be taken into consideration when starting a business.

Please underline or bold-type important terms, laws and phrases.  Note, there is no correct answer.  The purpose of this exam is for the student to understand the elements of each subject area of the law.  When answering  the question, discuss the elements of each law.

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Be sure to underline or bold type the elements of each law.  All of the questions must be answered and each question is worth 10 points.

It is advisable that the group meet to make sure the answers are correct and cover the elements of each question.

If a question is wrong because it is incomplete or incorrect, the group will be penalized.  For example, if there are three incorrect answers, the group will fail the exam and the final grade will reflect the performance of the group.

Please review the answers before the final submission

I.  Intellectual Property

Angela works  in a PH.d program at X University.  Angela has developed a program that makes it easier to teach advanced math to elementary school students.  Angela consults a “patent attorney” to patent this business program  Angela files the patent application.

Angela’s professor gains access to the program, makes some minor changes and files his own patent based on Angela’s application.  Angela sues for patent infringement.

What steps must Angela take to make sure the information qualifies as a “trade secret”?  Could Angela file for “copyright protection’?  Is there a “patent infringement on the part of the professor.

J. Discuss the factors that must be taken into consideration when starting a business.  What are the various forms of business ownership in the United States?  What are the advantages or disadvantages of each..