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WiseOwl58
WiseOwl58, Attorney
Category: Business Law
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Experience:  Experienced business lawyer.
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I have decided to go into business to start a nonprofit scholarship

Customer Question

I have decided to go into business to start a nonprofit scholarship pageant production company. I have chosen a name for the production company, a name for one of the pageants i want to produce, a logo for both, tag lines, chose a crown design, a sash design, etc.... If I decide to file as a corporation, I understand It will no longer be MY company, If I want any control I would have to be on the Board of Directors and therefore receive no income. If I need a salary for my efforts of producing these pageants, I will then need to become part of the staff. This also make me vunerable to being voted out by the board. My question is this, is there a way for me to protect my names, logos, taglines, etc. so if I am ever voted out I can take the rights with me and keep the corporation from using them?
Submitted: 1 year ago.
Category: Business Law
Expert:  WiseOwl58 replied 1 year ago.
This sounds like a very interesting business idea.

Let me make one clarification, which is if you own at least 50% of the stock of the company, then it is you as the majority stockholder who is electing the board of directors. You can put yourself as a director or anyone that you choose, and you can remove them whenever you want. So, as long as you are the majority stockholder, the board would not be able to vote you out.

Regarding the intellectual property of the company, there is a way for you to protect it. You would register it and get trademarks issued in your name, personally, by the US Patent and Trademark Office.

Here is the link for you to do that:

http://www.uspto.gov/trademarks/index.jsp

Then you, as the individual owner of the IP, can enter into a license agreement with your corporation whereby the corporation pays you a licensing fee or a royalty for the use of the intellectual property that is owned by you. You will always have ownership and control of it if you do it this way.

Good luck to you. I wish you all the best.
WiseOwl58, Attorney
Category: Business Law
Satisfied Customers: 2750
Experience: Experienced business lawyer.
WiseOwl58 and 5 other Business Law Specialists are ready to help you
Customer: replied 1 year ago.


This would be a nonprofit corporation. Does the same hold true in that isuue?

Expert:  WiseOwl58 replied 1 year ago.
Lisa:

It would work even better in the case of a non-profit corporation, because your role as a shareholder would be diminished.

In the case of a non-profit, you would want to register the IP to you individually, and then enter into long term licensing agreements with the non-profit. The corporation can pay you a reasonable fee to license the IP from you. There is nothing wrong with that. In fact, many executives at non-profits, for example big hospitals and universities, earn over $800,000 per year. So you could do very well for yourself by entering into the licensing agreements to earn license fees and royalties on the IP that you own.

You can also make a consulting contract with the non-profit so that the non-profit pays you a consulting fee for work that you do for them.

Good luck with this, Lisa. As before, please rate the answer 3, 4 or 5 and let me know if you need anything else.

All the best.
WiseOwl58, Attorney
Category: Business Law
Satisfied Customers: 2750
Experience: Experienced business lawyer.
WiseOwl58 and 5 other Business Law Specialists are ready to help you
Expert:  WiseOwl58 replied 1 year ago.
Thank you very much, Lisa.

Please let me know if you have any more questions, now or in the future. Just put my name in the first line---Wise Owl 58--- and I will get it and answer right away.

All the best to you.

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