Business Law Newsletter

• Patent Protection for Business Methods
  “Business methods” generally include any methodologies that are involved with operating a business, such as online ordering processes. Prior to 1998, the U.S. Patent and Trademark Office (USPTO) rarely granted patents to... Read more.
• Rights to Intellectual Property Created in the Workplace
  Generally, “intellectual property” is any intangible property, such as knowledge of a process, a musical composition or a trademark associated with a product. There are typically four specific areas of intellectual property:... Read more.
• NCCI Components of Remuneration in Calculating Workers' Compensation Premiums
  Workers’ compensation law governs rights and procedures for compensating employees for work-related injuries and occupational diseases. While workers’ compensation law is based largely on state statutes (and thus varies by... Read more.
• Madrid System for the International Registration of Marks
  Generally, a “trademark” is a distinct word, phrase, symbol, device or combination thereof, affixed to goods or services, that serve to identify the source, or manufacturer, of the good or service. Trademarks function to: 1)... Read more.

• Tesla store in Henrico marks one year in business with jump in Model 3 deliveries; legal dispute remains
• Roger Federer and Nike are locked in a battle over the ‘RF’ brand — but a legal expert believes it’s a fight Nike could win and ‘exploit’
• 7-Eleven at odds with franchisees over new agreements
• Legal Dispute Lingers Between Airport, Gas Station Owner
• Main Street Arena redevelopment moving forward after legal dispute

Intangible Assets of a Business

The “good will” of a business is an intangible asset, like the reputation, skill, or experience that is associated with the business. It also refers to the rate of recurring patronage that a business has developed over time with the general public.

Ownership

The good will of a business belongs to the business owner. It might be owned by either an individual or a corporation, but not by stockholders. The representative of a business is not personally connected to the business’ good will.

The ownership of good will may be transferred when the business is sold, but it cannot be sold apart from a business’ physical property. Good will ownership may also be transferred even when it is only implied and not specified in a contract. For example, the good will of a business trade name or trademark would be automatically transferred upon the sale.

Unfair Competition

The former owner of a business may conduct a similar business and even draw in former patrons. But it is not fair play if the former owner purposely confuses the public into thinking that a new business is the former business. This is unfair competition, and the new owner may be able to take action.

Remedies

An injunction may be imposed upon the former owner, disallowing any further activity that would cause public confusion and loss of profits to the new owner. If fraudulent activity has occurred, monetary damages may be awarded.

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