When you go into business with another person, it's imperative to have a clear understanding of personal goals, the vision for the company and the responsibilities of each party. Neglecting to tackle these details up front can result in serious legal complications in the future.
When the term "intellectual property" gets thrown out, most in Houston might automatically assume it to refer to high-tech information valued only by providers in technology related sectors. In reality, however, the phrase is much more far-reaching. The World Intellectual Property Organization defines IP as "creations of the mind." Beyond inventions, this can include trademarks, patents and copyrighted materials. Designs and logos also fall into this category. Even something as simple as a geographical indicator that ties a reputation to a certain area (e.g., "Made in the U.S.A") can also be considered IP.
If you own a business in Texas, you’re probably aware of how essential contracts are for your operation to function. Avoiding common disputes is crucial in this case, as they can cost you money, cause delays, and ultimately harm the reputation of your enterprise. While you can’t always prevent conflicts from occurring, Inc. offers the following advice on how to reduce the risk.