This Essay Question is based on the following facts:  Corey and Clarence have pooled their savings to create a start-up company to develop and market an invention they have created together

This Essay Question is based on the following facts: 

Corey and Clarence have pooled their savings to create a start-up company to develop and market an invention they have created together.  At this point their invention is a secret widget they have not shared with anyone.  So here are the facts of where they are at this point:

• They know they want to have a business together to develop and market their widget. They are trying to decide if they should form a limited liability company (LLC) or a C Corporation.
• They have a business name selected which is unique according to their research.
• They have a unique name for the widget.
• They have designed a logo for the business.

Instructions:

Write an essay that advises Corey and Clarence of the following:

1. Explain the pros and cons of LLC versus a C Corporation, and advise which of these 2 structures is the best choice for Corey and Clarence.
2. Identify and recommend two (2) types of intellectual property (IP) they can secure in the United States for their widget and for each IP include the following:
   1. Definition of the IP;
   2. The benefit of the particular IP and the kind of protection it provides;
   3. Length of time the IP protection will last; and
   4. The U.S. government agency that issues and/or otherwise oversees the IP