April 5, 2013 in Finance and Accounting, Starting a Business
There?s always somebody trying to make a quick buck from a scam or grey area of the law. That?s precisely what patent trolls do. These are companies that own patents, but they do not actually make any products. Instead, they look to capitalize on any slight intellectual property infringement.?
Bloomberg?stated that this can be done to a small business owner who has used a patented office product to simply scan a document and attach it to an e-mail.?
More often than not, it is a small business that is targeted. A recent study from the Boston University School of Law showed how disproportionately affected small enterprises are by patent litigation. Of the firms surveyed, the median company that was sued by an non-practicing entities (NPE), which patent trolls are categorized as, had $10.8 million in annual revenue.?
This is just another reason why a small business owner should find a lawyer he or she trusts. Hardly a hit to small business finance, paying for legal counseling on a number of issues can result in a more informed and protected business owner. It may be pricey, but it could be?a worthy investment to make.
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Source: http://buildmybiz.com/small-business-legal-protection-needed-against-patent-trolls/
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