Collin College TECHNOLOGY BOT 2613 chapter 9

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KEY TERMS 1. Abandonment: Nonuse of a trademark for two consecutive years without justification or a statement regarding abandonment of the trademark. 2. Bankruptcy: A legal process for insolvent d... ebtors who are unable to pay debts as they become due. For business, this includes Chapters 7, 11, and 13 of the federal bankruptcy code. 3. Bankruptcy Act: Federal law that provides for specific procedures in handling insolvent debtors. 4. B corporation a new way for businesses to solve social and environmental problems. 5. cancellation proceedings A third party’s challenge to the trademark’s distinctiveness within five years of its issuance. 6. claims A series of short paragraphs, each of which identifies a particular feature or combination of features, protected by a patent. 7. 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. 8. copyright A legal protection that provides exclusive rights to creative individuals for the protection of their literary or artistic productions. 9. corporation An entity legally separate from the individuals who own it, created by the authority of state laws, and usually formed when a transfer of money or property by prospective shareholders takes place in exchange for capital stock in the corporation. 10. debtor-in-possession A succession strategy that encourages the younger generation to enter the business at a later age to gain experience outside the family held firm. 11. fair use doctrine An exception to copyright protection that allows limited use of copyrighted materials. 12. generic meaning Allowance of a trademark to represent a general grouping of products or services (for example, Kleenex has come to represent tissue). 13. infringement budget A realistic budget for prosecuting violations of the patent. 14. insolvent debtor Those who are unable to pay debts as they become due. 15. intellectual property right Provides protection such as patents, trademarks, or copyrights against infringement by others. 16. L3C A low-profit, limited liability company, 17. 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. 18. Limited liability limited partnership (LLLP) A variant of the limited partnership. An LLLP has elected limited liability status for all of its partners, including general partners. 19. Limited liability partnership (LLP) A form of partnership that allows professionals the tax benefits of a partnership while avoiding personal liability for the malpractice of other partners. If a professional group organizes as an LLP, innocent partners are not personally liable for the wrongdoing of the other partners. 20. Limited partnership A form of company organization that permits capital investment without responsibility for management and without liability for losses beyond the initial investment. 21. liquidation Chapter 7 bankruptcy, sometimes referred to as liquidation, requires the debtor to surrender all property to a trustee appointed by the court. 22. partnership: An association of two or more persons acting as co-owners of a business for profit. 23. 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). 24. Patent and trademark office: An office of the federal government through which all patent and trademark applications are filed. [Show More]

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