Marketing Your Own Invention Indiana

The steps below will give an inventor a general idea of the process for marketing a product-invention. These steps should follow those that have already been completed for protecting and patenting an invention, so that it is ready for public disclosure.

1. Incorporate. With the possible risks of “product liability” and patent lawsuits, an inventor should “incorporate”, meaning form a corporation or form a “Limited Liability Company” (LLC) so that you become a corporate entity or company and not remain a liable individual. This may seem like a strange step but it is a necessary one, in order to reduce the risk of someone pursuing you as an individual for patent infringement, or to contest your patent, or for product liability, meaning an injury lawsuit from use of your product.

    

   While these possibilities of being sued are statistically small, they do happen and if you form a corporation of partners, the corporation becomes a separate entity from you. If a lawsuit were to be filed, whether real or imagined (frivolous), the party suing would have to go after the assets of the corporation, rather than your personal assets. This offers you some protection by forming a corporation or LLC which in addition to being separate legal entities, they are also offered certain protections under the law and important benefits as well.

   If you need partners to invest in the marketing of your invention, for a percentage of ownership, these investors can become your corporate partners or “officers of the corporation”. If you do not need investors, you can simply form a corporation with family members and/or friends. You will need to check with an attorney in your city or find an agent online who sets up corporations in your state. This person will help you file your articles of incorporation (includes naming officers) and help you get approval for your business name, through your state’s corporations office. The fee to incorporate can range from $100.00 to $800.00, depending on the state where you incorporate.

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Author: James Lowrance