Class Two Slides (final) (2017).ppt

Class Two Slides (final) (2017).ppt - Class Two Business...

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Class Two: Business Law for Entrepreneurs Professor Thurman
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Schedule for Class Two Quiz # 1 Revisiting Issues From Class One --Break-- Lecture on Chapter 3 --Break-- Lecture on Chapter 4
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Class 1 Revisited We talked about why people decide to start a business, the need to weigh the risks and how understanding legal issues helps reduce risks. We talked about the complications that can arise when you leave your employer. Trade Secrets: KFC Non-Compete & Invention Assignment Agreements: the Bratz Dolls
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Trade Secrets: KFC KFC has used a Brink's armored truck and briefcase marked "Top Secret" to show it was “beefing up security at the vault” holding the Colonel's handwritten recipe. They also use two different suppliers to prepare the 11 herbs and spices. This keeps any one person/company from cracking the code. But did a family member reveal the 11 secret ingredients to a Tribune reporter?
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Bratz Dolls Hits on Invention Assignment Agreements; Recruiting; Trade Secrets and other risks involved when you leave your company for a competitor. September 2000 – Isaac Larian of MGA Entertainment sees a drawing by Carter Bryant for the Bratz Doll. By 2005, MGA is doing $800 million in sales and Barbie revenue tumbled. However, after the lawsuit MGA almost went out of business. Mattel had already brought suit against in 2004 MGA saying Bryant was on its payroll when he conceived of the doll. MGA fired back saying Mattel had spied on them. MGA lost in the lower court, appealed to the 9 th Circuit. In 2013, judge awarded legal fees to MGA; MGA sued Mattel again in 2014.
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Among the Author’s Top Ten List of Entrepreneur’s Legal Mistakes Hiring a Lawyer Not Experienced in Dealing with Entrepreneurs Thinking Legal Problems Can be Solved Later Failing to Incorporate Early Enough Starting business while employed by potential competitor, or hiring employees w/o first checking their agreements with current employer & their knowledge of trade secrets. - mistakes-made-by-entrepreneurs
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Chapter 3: Selecting and Working with an Attorney Intro Video: What is a Business Attorney? How Can they Help? (7 minutes)
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Don’t Rely Forms/Guides Alone Published legal guides may not be based on legal advice. Laws could have changed or issues may be more complicated than the form/guides explains Look for words like “generally,” “usually” or “typically” because that means there are exceptions A good attorney will point out issues you may not have thought about
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Other Reasons You Need An Attorney Attorneys are information brokers who can connect you with bankers, accountants, potential board members, and sources of capital As your business grows, you will rely on their legal expertise while you concentrate on running the business.
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How Much Will You Rely on An Attorney Depending on the type of business, you may only
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