Business Law Essay Example | Topics and Well Written Essays - 1000 words - 22

Business Law - Essay Example The advantages associated with filing the patent are that Dan’s product will be protected from infringement by others, of his patent. Specifically, by registering the patent in the UK, Dan’s new product will be safeguarded and protected from infringement in the UK; however by filing an application under the Patent Cooperation treaty, the new cement product will be protected in foreign countries as well (Oleska, 2002). The EU Directive 85/337/EEC requires products to be environmentally safe, which would apply in this case. The EU Industrial emissions Directive (2008/1/EC of 2008), coupled with the Integrated Pollution Prevention and Control Directive must both be satisfied in reference to the production process for Dan’s product, since the IED is also to be applied in the case of production of cement (Smith, 2010). Conforming to the requirements under the Directives would ensure that patent protection remains operational. Registering a patent would ensure that Dan gets the full benefit of all the economic rewards, such as royalties, etc, associated with the marketing of the cement and potential competitors cannot capitalize on them and develop a similar cement at a lower price. One Dan has a patent, the cement can be marketed at a good price because it gives him the exclusive rights over the product. Since a patent is an intellectual property, it is something that Dan can choose to sell or transfer at a later date, and it also provides an indication of his intent to market the cement commercially. It allows him to retain the monopoly over his product for a certain duration of time. One of the drawbacks associated with obtaining a patent is the need to disclose all the details about the product, Dan would be obliged to disclose fully in his patent, how his cement is environmentally friendly. This leads to the associated disadvantage, i.e., Business law Essay Example | Topics and Well Written Essays - 1500 words - 1 Business law - Essay Example This piece of research paper attempts to draft a brief explanation about limited liability partnership, by comparing features, advantages and disadvantages of both ‘partnership’ and ‘limited liability’. This paper will detail legal aspects limited liability, binding of limited liability partnership agreement, separate legal entity and various other important business concepts. Limited Liability Partnership The Limited Liability Partnership (LLP) is a form of business designed and developed mostly for professionals like attorneys, lawyers and accountants, who normally like to do business in a partnership form (Miller and Jentz 2009, p. 538). It is relatively a newer form of partnership that allows professionals the tax benefits of partnership while taking advantages by avoiding personal liabilities for the malpractice or otherwise dishonest activities of other partners (Kuratko 2008, p. 197). Limited liability partnership is very similar to limited liability companies in terms of liability of the business created by the practice of other partners. In partnership, it is very likely that innocent partners also may get liable for the wrong-doings of other partners, but such liability arising out of others’ doings that cannot be legally or in terms of business justified can be shielded up to an extent by forming a limited liability partnership or converting the existing partnership to LLP form. Limited liability partnership is very similar to the limited liability company except that LLPs are designed mainly for professionals who normally do business in partnership. As (Kuratko 2008, p. 197) discussed, limited liability companies are legally required to be compliant and strictly adherent to the concerned country’s prevailing company registration law. Similarly, LLPs are also required to be compliant with the state statues; for instance Bahraini Law, or UK law etc. As Miller and Jentz (2009, p. 538) pointed, the major advantage s of limited liability partnership is that it allows a partnership to continue as a pass-through entity for tax purposes, but limits the liability of partners. This form of business ownership has advantages of corporate limited liability and at the same time the members of the firm can define the sustentative relationship between partners by an agreement between themselves. This form of business is a separate legal entity ‘owned’ by the members themselves (Ahmadu and Hughes 2006, p. 14). Moye (2004, p. 74) has outlined a legal perspective on limited liability partnership. According to him, limited liability partnership is an existing general partnership that is converted or a new partnership that is formed in a way that its individual partners will be shielded from personal liability, except to the extent of debts or liabilities caused by partners’ own conduct or as otherwise provided by the partnership agreement. Legally, both limited liability partnership and a gency are closely related in relation to their liabilities. An agent is personally liable for his own conduct and similarly a partner in limited liability partnership is personally liable for his own conduct or any loss caused by his malpractice (Moye 2004, p. 74).