Starting a New Business

Posted Tuesday, March 17, 2009 by Jim Ruttler.

Due to circumstances arising from the economy, many individuals are considering starting their own business. From my own personal experience, I know that this can be a very challenging and rewarding endeavor.

From a business perspective, in addition to having a product or service that is needed in the marketplace, I would primarily recommend having sufficient reserves available to last until the business can provide the distributions necessary for survival. When there is a demand for the product or service and sufficient financing to bring it to market, all other issues will work themselves out.

From a legal perspective, consider forming a corporation, filing a trademark application for any marks, and filing a patent application for any new inventions. The corporation is important because it conveys establishment to potential customers, provides an organizational framework, and insulates personal assets from certain liabilities arising from the business operations. The federal trademark application protects a business name, slogan, or graphic from infringing uses across the United States. It takes about six months from filing to registration assuming things go smoothly. The patent application preserves invention rights in an invention as of the date of filing, and once issued, protects against the making, using, selling, and importing of infringing products. The patent process can span anywhere from six months to multiple years depending on the procedural route taken.

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