Register Your Intellectual Property

An intellectual property attorney can help a business register its intellectual property (usually in the form of copyrights, patents and trademarks) with the proper government agencies, which puts the world on notice that the business owns the same. That registration notice can help you make money.

As an example, our firm assisted a client with a registration, and just last week, a business owner 2,000 miles away expressed interest in licensing the IP. The business owner said the only way he found the IP was through that registration. As a result, the client is now discussing licensing opportunities involving royalty income.

Request a License, Not a Cease-and-Desist

Sticking to IP a bit more, consider your options if you discover someone using your IP without permission. Your first instinct (and the advice of many attorneys) is to tell them to stop, perhaps with a “heavy” cease-and-desist letter.

An alternative approach is to send a friendlier letter stating that you appreciate that they like your works and want to use them and that you would be willing to discuss a license relationship with them so they can continue the use. A lawyer can help you draft the letter and include key terms on which you might be willing to license your work.

If they respond positively, you might have a new line of income from a license agreement. If they don’t respond positively or simply don’t respond, you can always follow up with a cease-and-desist letter.

Corporate Records

Most businesses need funding at some point, whether from loans, equity financing or another form. Unfortunately, many businesses will pay more than they should to get access to the money.

From the start, a lawyer can help a business maintain proper corporate records including minutes and resolutions for key company actions, contracts with both insiders and third parties, and documents showing the protection of intellectual property and other assets.

When it enters negotiations, a business with a credible business plan and these correctly prepared documents can likely obtain more favorable deals, including lower interest rates and higher valuations.

Affiliate Companies

Further, not all assets are created equal when trying to secure a loan. If you find your company struggling to obtain a loan, consider separating your assets into affiliate companies.

One example is to use an attorney to create a real estate holding company and move your main company’s real estate to the new holding company. While a bank may not loan money to your entire organization, it might loan money to an entity whose sole property (and thus sole liability) is the real estate itself.

This article is very general in nature and does not constitute legal advice. Readers with legal questions should consult with an attorney prior to making any legal decisions.