What exactly is considered "Intellectual Property?"

"Intellectual Property" is a legal term used generally to include the main bodies of law such as patents, trademarks, and copyrights. Modernly, other areas are often included under the intellectual property umbrella such as trade dress, trade secrets, internet law and licensing issues.

What Are Patents, Trademarks, and Copyrights?

Some people confuse patents, copyrights, and trademarks. Although there may be some similarities among these kinds of intellectual property protection, they are different and serve different purposes.

What Is a Patent?

A patent for an invention is the grant of a property right to the inventor, issued by the United States Patent and Trademark Office. Generally, the term of a new patent is 20 years from the date on which the application for the patent was filed in the United States or, in special cases, from the date an earlier related application was filed, subject to the payment of maintenance fees. U.S. patent grants are effective only within the United States, U.S. territories, and U.S. possessions. Under certain circumstances, patent term extensions or adjustments may be available.

The right conferred by the patent grant is, in the language of the statute and of the grant itself, "the right to exclude others from making, using, offering for sale, or selling" the invention in the United States or "importing" the invention into the United States. What is granted is not the right to make, use, offer for sale, sell or import, but the right to exclude others from making, using, offering for sale, selling or importing the invention. Once a patent is issued, the patentee must enforce the patent without aid of the USPTO.

There are three types of patents:

1. Utility patents may be granted to anyone who invents or discovers any new and useful process, machine, article of manufacture, or composition of matter, or any new and useful improvement thereof. In other words, utility patents protect how an invention "works.";
2. Design patents may be granted to anyone who invents a new, original, and ornamental design for an article of manufacture. In other words, design patents protect how an invention "looks."; and
3. Plant patents may be granted to anyone who invents or discovers and asexually reproduces any distinct and new variety of plant.

What Is a Trademark or Servicemark?

A trademark is a word, name, symbol, or device that is used in trade with goods to indicate the source of the goods and to distinguish them from the goods of others. In other words, trademarks are concerned with preventing confusion in the marketplace between different goods/services whereby protecting the public. A service mark is the same as a trademark except that it identifies and distinguishes the source of a service rather than a product. The terms "trademark" and "mark" are commonly used to refer to both trademarks and service marks. A registered trademark is denoted with a ® and a registered service mark is denoted with a "sm."

Trademark rights may be used to prevent others from using a confusingly similar mark, but not to prevent others from making the same goods or from selling the same goods or services under a clearly different mark. Trademarks which are used in interstate or foreign commerce may be registered with the USPTO. Under U.S. Trademark Laws, trademark rights are created upon use which is often called "common law" rights. However, registration of the trademark with the USPTO provides additional rights to the owner and thus is highly recommended.

What Is a Copyright?

Copyright is a form of protection provided to the authors of "original works of authorship" including literary, dramatic, musical, artistic, and certain other intellectual works, both published and unpublished. The 1976 Copyright Act generally gives the owner of copyright the exclusive right to reproduce the copyrighted work, to prepare derivative works, to distribute copies or phonorecords of the copyrighted work, to perform the copyrighted work publicly, or to display the copyrighted work publicly.

The copyright protects the form of expression rather than the subject matter of the writing. For example, a description of a machine could be copyrighted, but this would only prevent others from copying the description; it would not prevent others from writing a description of their own or from making and using the machine. Copyrights are registered by the Copyright Office of the Library of Congress.

>> Patent Related FAQs

Is it necessary to physically create the invention before filing for a patent?

No. Actual reduction to practice is not required because constructive reduction occurs when a patent application is filed. In some circumstances, actual reduction to practice is preferred because the patent is limited to what is disclosed at the time of filing and it may be difficult to describe a precise solution to a problem without actual implementation. On the other hand, concept patents, without actual implementation, may prove valuable, especially where multiple filings follow in direct relation to technical improvements, innovations and developments. This latter strategy helps create a

How long does it take to obtain a patent?

The patenting process varies in length depending on the technical field of the invention and the workload of the Patent and Trademark Office. In general, it takes 1 to 3 years to receive examination and obtain final deliberation for an application, although in certain technology areas the process can take considerably longer. During the entire patent prosecution process, the invention as contained within the application is considered "patent pending."

How long is a patent valid?

Twenty (20) years from the date of filing.

What can be patented?

The law defines patentable subject matter as "any new and useful process, machine, manufacture, or composition of matter or any useful improvement thereof." As definition this relates to technology, patents are granted for a broad array of technology including telecommunications, software, business methods, Internet-based and e-commerce applications, mechanical, medical devices, biotechnology, and others

How do I choose a Patent Attorney?

A Patent Attorney is like any other professional and should be someone with whom you are comfortable and upon whom you can rely. You should verify that he or she is registered to practice with the Patent and Trademark Office. Also, for some technology areas, it is usually preferred that the patent attorney has an understanding of the general nature of the technology and a background in the technical area through education and work experience. Similar to a patent agent, a patent attorney can prosecute patent applications before the USPTO on behalf of inventors but in addition have specialized legal training. Thus, a patent attorney can provide legal advice in regards to legal issues such as patent infringement and patent validity whereas a patent agent cannot. Often times, a patent agent works underneath and under the supervision of a registered patent attorney.

What are Invention Submission Companies?

Invention Submission Companies often exists to assist inventors in the marketing, manufacturing and potentially licensing of the invention. Other services include assisting inventors with prototyping of the invention and graphical drawings/movies of the invention. In contrast to patent attorneys/patent firms, invention submission companies do not specialize in patent prosecution or in other words, drafting patent applications and obtaining patent protection on inventions. Invention submission companies also cannot provide any legal advice in regards to patent validity or patent infringement issues which is in the realm of a patent attorney or law firm. Unfortunately, invention submission companies have been plagued with numerous complaints of fraud and false misrepresentation in regards to their services. The USPTO allows inventors to report complaints against any invention submission company and keeps public records and a list of such companies. One should carefully interview and get references before working with any invention submission company and is advisable to be represented by a patent attorney who can provide objective counsel to the inventor when dealing with invention submission companies.

How much does it cost to obtain a patent?

Costs are directly related to the complexity of the invention, with simple mechanical applications costing less than sophisticated circuit inventions or computer software inventions. The major expense is legal fees that are paid to the patent attorney/firm doing the work. Legal fees vary among attorneys and firms; however, in general, legal fees are related to the complexity of the patent subject matter and the expertise/experience of the attorney.
A recent survey estimated the cost for preparing and filing a U.S. patent application as $6,000 to $12,000 in the United States but can vary from region to region. However, attorneys/firms focused in some very specialized technology areas (e.g. biotech, software and business method patents) charge more than others. It is also standard within the legal industry for many if not all patent attorneys and law firms to charge an hourly rate to perform any additional work after filing of the patent application (e.g. responding to office actions etc...).

What advice would you give any company considering patent protection?

A patent strategy should be considered carefully for any company. In particular, start-up companies as well as companies developing new products are well advised to consider its product offerings and the real innovations it is bringing to market. A patent attorney or patent firm should be consulted and allowed to perform a due diligence review of the company's core assets/products to determine if there are potential areas of intellectual property protection. If the core assets of the company are determined protectable, patents are critical and necessary to compete in the marketplace, discourage copying and gain leverage. Patents also have a dramatic effect on the value of the technology by encouraging others to license the technology or face the consequences of patent infringement.

What is considered patent infringement and what are the consequences?

A patent strategy should be considered carefully for any company. In particular, start-up companies as well as companies developing new products are well advised to consider its product offerings and the real innovations it is bringing to market. A patent attorney or patent firm should be consulted and allowed to perform a due diligence review of the company's core assets/products to determine if there are potential areas of intellectual property protection. If the core assets of the company are determined protectable, patents are critical and necessary to compete in the marketplace, discourage copying and gain leverage. Patents also have a dramatic effect on the value of the technology by encouraging others to license the technology or face the consequences of patent infringement.

>>Trademark Related FAQs

What is a trademark?

A trademark is any word, name, symbol, or device, or combination thereof, used by a person, company, or organization, to identify and distinguish goods and/or services marketed by the trademark owner. Trademarks include brand names and logos that identify the trademark owner's products or services from those provided or sold by others, and that indicate the source of the goods or services, even if that source is unknown to the consumer.
In addition to trademarks, there are also service marks, certification marks, and collective marks. All of these are collectively called "marks".

Why are trademarks important?

Trademarks prevent confusion in the marketplace of similar goods/services. A trademark immediately informs the consumer that the goods or services are of a certain quality and/or standard. This goodwill gives the consumer a positive feeling about the product and doing business with the organization because he or she knows what to expect before the purchase is made.

How does one secure trademark rights?

Trademark rights arise from actual use of a name, logo or symbol in the marketplace. However, rights important to the protection and enforcement of the trademark can be obtained only through registration. The first step to register a trademark is to clear the mark for use. This process normally entails ensuring that the mark is not already being used by someone else in connection with similar goods and/or services. If the mark is already being used, another mark may have to be selected or features added to the proposed mark to help distinguish it from other uses. If the mark is not being used, one simply registers by applying to the Patent and Trademark Office.

How long does a Trademark last?

In the United States, Trademark rights are perpetual in nature as long as the owner renews the rights of the trademarks by filing certain declarations of continued use at specific time periods and pays the associated USPTO filing fees. One should consult a trademark attorney to carefully calendar these dates in order to avoid abandonment of the registered trademark.

What is Trademark Infringement and what are the consequences?

Trademark infringement occurs when one uses a word mark or design mark that is found to be likely to confusing to another pre-existing trademark. In general, courts tend to compare the sight, sound and meaning between the marks to determine whether a "likelihood of confusion" exists and also look to how close or related are the goods/services in question. In addition, an important question to be determined is how "distinctive" the trademark in question is. The categories of trademark distinction include generic marks, descriptive marks, suggestive marks and fanciful/arbitrary marks. Generic marks are not afforded any trademark protection rights, while suggestive and especially fanciful/arbitrary marks receive the highest level of distinction. Descriptive marks are afforded protection but require an additional showing of "secondary meaning" or additional proof that the public has come to consider the descriptive mark as distinctive.
If trademark infringement is proven, similar to patent infringement, the remedies include monetary damages, including lost profits, attorney's fees/costs and injunctive relief. If trademark infringement is found to be willful, then the court can award treble damages or "triple" any monetary damage awards as a way of punishing the infringer for its actions.

What is a Trade Dress?

A Trade Dress protects the overall distinctive features and appearances of certain products. Trade Dress is governed in general by the same body of law as Trademarks and act to prevent confusion in the marketplace between similarly looking products. Common trade dress examples include the overall appearance of the exterior or interior of a restaurant or the design of a glass bottle (e.g. coke bottle). Other trade dress found to be protectable includes the overall appearance of certain airplanes and car designs. Trade Dress as in Trademarks, must act as an identifier of source and be considered distinctive to be protectable and not just mere ornamentation.

What does the symbol "tm" mean?

The "tm" symbol next to certain logos, names or slogans are typically used to inform the public that the owner is using such symbol, name or slogan as a trademark but the trademark is not registered with the USPTO. The use of the "tm" does not in and of itself afford any trademark protection or rights, however, sometimes the "tm" can be helpful evidence to show when an owner first used the trademark in commerce which is important in determining common law trademark rights.

>>Copyright Related FAQs

What is a Copyright?

A Copyright is the legal right to control the reproduction and distribution of original works of expression, such as literary works, artistic works, dramatic works, and music.

What is an original work?

An original work is anything that comprises copyrightable subject matter under the Copyright laws, including literary works, musical works, choreographic and dramatic works, pictorial, graphic and sculptural works, motion pictures and other audiovisual works, sound recordings and architectural works. There are also copyrights for semiconductor mask works, derivative works and other works defined by the Copyright Statute.

Do I need an attorney to copyright my material?

Similar to Patents and Trademark, an attorney is not necessary to file a copyright application. However, due to the complex nature of dealing with the USPTO or the Copyright Office, often times, attorneys are retained to ensure the applications are registered properly. Typically copyright protection is automatic once a work has been fixed in a tangible medium of expression, such as paper, magnetic tape, film, a digital medium, or some other material object. However, registration of the work with the Copyright Office is still necessary if you intend to bring a lawsuit in Federal Court to enforce the copyright. In addition, registration provides the copyright owner procedural advantages should an infringement lawsuit ever be filed, including the ability to obtain statutory damages and attorney's fees.

What if someone is infringing my copyright?

The penalties for violating a copyright can be severe. The copyright owner is entitled to and may receive actual damages, profits and willful infringement damages. A court may also issue injunctions prohibiting continued infringement, or it may issue a writ of seizure to impound infringing articles. In some cases, the court may even order the infringer to pay attorney's fees.

How do I give notice of my copyright?

Proper notice consists of the symbol "©" or the word "Copyright" along with the year of publication and name of the copyright owner.

>>Litigation Related FAQs

What type of Litigation cases do you handle?

Our highly trained litigators at BKKT represent clients in a variety of cases dealing with any type of civil litigation. In particular, BKKT specializes in business litigation, intellectual property litigation including all matters dealing with patents, trademarks, copyrights, trade dress and trade secrets, corporate securities litigation, real estate litigation and employment/labor disputes. We typically do not handle matters dealing with personal injury and family law issues.

Do you offer flexible fee payment arrangements?

Yes. We understand that every case is different and there is not one fee payment structure that works for every client. Depending on the case, we offer standard hourly based fee arrangements and partial to full contingency type arrangements. Contingency fee structures are arrangements where typically the client pays for the costs of the lawsuit but does not pay any legal fees unless the attorneys/law firms are successful in obtaining a monetary damage award.

There are numerous litigation law firms, why choose BKKT?

As a business law firm, we understand the need and concern for companies and individuals to manage the ever increasing costs/expenses of running a successful business. Legal costs, in particular initiating or defending against litigation can be costly. Understanding this, BKKT maintains firm principles and have developed the Ten Commandments of Litigation which we use to develop cost effective legal representation. Our litigators are experienced trial lawyers who are meticulous, efficient and have the necessary experience in taking cases all the way through trial and winning. As a result of the ability and trial experience of our litigators, we find that our clients ultimately reap the benefits and are provided with better choices and leverage if settlement opportunities do arise.

>>Corporate Law Related FAQs

Why should a business incorporate?

Incorporation provides many benefits. By incorporating you can limit your personal liability as a business owner. Creditors of your corporation must satisfy their claims by seizing the assets of the corporation rather than your personal assets. In contrast, as a sole proprietor or partner in a general partnership you are financially responsible for all liabilities of the business, and your personal assets are subject to seizure or lien by creditors. Other benefits of incorporation can include greater tax deductions for health insurance and medical expenses, lower payments for social security tax and medical tax, and greater opportunity to raise capital for the business through the issuance of stock.

In which state should I incorporate ?

Generally, you should incorporate in the state where your office is physically located. If you incorporate in another state such as Delaware, you may need to submit an application to qualify as a foreign corporation in the state where your office is physically located. BKKT can assist you with the foreign qualification application. Most states have revised their corporate laws based on the laws of Delaware. For companies that are privately owned (not publicly traded), generally there are no substantive differences any more between the corporate laws of Delaware and those of other states. If you incorporate for the purpose of owning and operating a business, the general rule is that you should incorporate in the state where your main business office is located.

WHAT ARE THE DIFFERENT BUSINESS ENTITIES?::

Sole Proprietorship

A sole proprietorship is a business with one owner that is not organized or formed as a legal entity under any state or federal law.

What are the liabilities?

The owner is personally liable for any claims brought against the business to the full extent of his personal assets.

How are they taxed?

The owner pays income taxes on the profits of the business as though it were personal individual income.

What is a Partnership? How do we start one?

A partnership is a business entity with two or more participants. It is normally started by agreement, written or oral, between the participants. After an agreement is made among the partners as to the role and obligation of each partner, the partnership may undertake a project or business venture.

What are the liabilities in a partnership?

Each partner may be risking 100% of his/her personal assets in the operation of the partnership and depending on the nature of the business of the partnership, there may be tax issues that impact the individual's personal tax obligation.

What happens when one partner wants to leave, is incapacitated, or dies?

The answer depends on agreement among the partners. If there is no prior agreement, the assets of the partnership are normally distributed among the partners and the estate of the deceased or departed partner on a pro rata basis in an amount equal to the partner's share. Another option is for the partnership to continue with the departed partner having received his pro rata share of the assets as determined at the time of dissolution.

Corporation

A corporation is a business that has been formed and registered in accordance with state law. A properly formed and organized corporation is considered to be a separate entity with the same status and privileges in the eyes of the law as a human being.

What are the different types of corporation?

::C Corporation A "C" corporation is a company with shareholders who are individuals or other companies that is formed under state law. It pays income taxes. The shareholders are not held personally liable for the debts of the company. A shareholder has at risk only the amount of money equal to the value of the shares held. The employees are paid a salary and the share holders are paid dividends or income at the end of the year on the profits made by the company during the previous year in a amount equal to the pro rata share of stock ownership of the shareholders. A C corporation is managed by a board of directors and the board elects officers who actually run the company.

Sub S Corporation

A Sub S Corporation is also a company formed under state law. And just as with a C corporation. The shareholders are not held personally liable for the debts of the company. But there is a restriction on the number of shareholders and there can be no corporate shareholders. Also shareholders are restricted as to where they can live or reside relative to the State of incorporation of the company. A Sub S corporation does not pay income taxes. The shareholders are taxed individually in an amount equal to the income each receives at the end of the year. An S corporation is a pass through entity. There is no corporate level income tax. Instead, a pro rata portion of the annual profit or loss of the S corporation is included on the personal tax return of each shareholder. If IRS Form 2553 is filed within 75 days after incorporation, the corporation will be treated as an S corporation for tax purposes. Many start-up businesses benefit by making the election to be taxed as an S corporation.

LLC

A limited liability company ("LLC") is an entity created under state law using the same procedures as forming a C corporation.

What are the advantages?

An LLC has the same advantages as a Sub S corporation exempt there is no limitation as to who may be a member and where that member may live.

How are LLC's taxed?

An LLC does not pay taxes. Taxes are paid by the members (owners) in proportion to the money they receive from the company as profits.

What are the liabilities of LLC's?

The LLC gives the member (owners) the same protection from individual liability as he/she would receive from owning shares in a C corporation or an Sub S corporation. There is the advantages of no taxation at the corporate level that one would receive as a shareholder in a Sub S corporation.

Non-Profit Corporation

Non-profit corporations are formed under state law with a subsequent approval by the IRS for a non-profit status. Non-profit corporations are formed and operated like C-corporations except they exist for a charitable or religious purpose and do not pay income taxes on any profits generated from the operation of the company. They may also solicit money and those who contribute may receive a tax write-off from State and federal governments.
How do I incorporate a corporation? What are the steps in incorporating? The first step is a reserve a name with the secretary of state; second file a Certificate of Incorporation with the Secretary of State; third organize the company, elect officers, and distribute stock.

How do I select a name?

One may choose a name but it cannot be a name of another company already in existence or so close to that name as to cause confusion in the market place. Once the name is chosen it is submitted to the Secretary of State where it is reserved for sixty days, the time in which the incorporation under that name must be completed.

Who should form a corporation?

Anyone can form a corporation but is advisable to use a lawyer who can insure that the company is organized in the manner intended by the shareholder(s).

How are Corporations taxed?

C corporations are taxed on its profits at the end of the year at a rate fixed by the tax code. S corporations are not taxed separately. The shareholders are taxed on the money received from the company.

What are the liabilities of a corporation?

Corporations may be liable for the consequences of the company's conduct just as would an individual. However, the shareholders are not individually liable for any judgement against the company.

Can my corporate directors be on an H1-B status?

Yes. Immigration status is not a factor.

What is a buy-sell agreement?

A buy-sell agreement is an agreement among the shareholders in an S corporation, or a C corporation that is not a public company (shares are not sold on the stock market), that before a shareholder can sell his/her shares to a third party, the shares must first be offered to the corporation or to the other shareholders.

What is the difference between a partnership and a LLC?

In a partnership the partners are personally liable for the debts and obligations of the partnership, which means that all of their personal assets are at risk if there is a legal judgment against the partnership. Members of LLC are not personally liable and can lose or risk losing only the money they have in the LLC.

What is the difference between a Limited Partnership and a General Partnership?

General partners are all 100% liable for the liabilities of partnerships. Limited partner is only liable for percent of participation in partnership.

Non Profit Corporations?

Company organized for charitable purpose and does not make a profit.

Why should we form one?

When there is a charitable purpose for which money will be raised.

How do we form one?

The same way as any other corporation is formed with the state. In addition the IRS must recognize and grant charitable status.

What are the liabilities of one?

The operation of the entity must be for a charitable goal and the company cannot keep accumulated assets for any goal other than to advance the charitable purpose.

How many directors and officers are required to form a corporation?

In California, one person is enough to form a corporation. The same person may hold the offices of President, Secretary and Treasurer and may be the only person on the Board of Directors. The officers manage the daily business of the corporation based on the instructions of the Board of Directors. If you have more than one shareholder then you need to have different parties holding different positions unless there are more then 3 shareholders. With 3 or more shareholders only 3 people need to hold a position.

Who owns the corporation?

The corporation is owned by the shareholders. A corporation may have one or more shareholders. In general, since the shareholders elect the persons who serve on the Board of Directors, the corporation is controlled by the shareholders. The shareholders that own more than 50% of the corporation's common stock get to make the ultimate decisions about running the corporation.

How does an S corporation differ from a limited liability company?

A limited liability company (LLC) is like an S corporation. Generally, business owners form an LLC rather than an S corporation if one or more of the following situations apply:

• ANY owner of the company is another business entity or non-resident alien (a person is a nonresident alien if he or she is neither a resident nor a citizen of the United States).
• The company will be owned by more than 75 persons.
• The company plans to issue more than one CLASS of stock (for example, special allocations of profits and losses will be made that are not proportionate to the equity percentage of each owner.)
• The owners desire to use business debt (money borrowed by the (company) to increase their tax basis.
• The state where your business is located imposes an entity level income tax on the profits of an S corporation and does not impose such a tax on the profits of an LLC. If these situations do not apply to you, than an S corporation should do the job. Generally, the LLC is treated like a partnership for tax purposes and there is no entity level tax. Under the recently approved IRS check-the-box regulations, an LLC will be taxed like a partnership unless the members elect to have the LLC taxed like a C corporation (association). Prior to the check-the-box system, to be taxed like a partnership, an LLC could have no more then two of the following four characteristics of a corporation:
• Limited Liability;
• Centralized Management;
• Continuity of Life;
• Free Transferability of Ownership Interests.

If the above situations do not apply to you, than the corporation may apply for the S corporation status by timely filing IRS Form 2553. The law requires submission of form 2553 for the S election within 75 days after the corporation first has assets, shareholders or starts doing business. If you miss the deadline, you may file Form 2553 within 75 days after January 1, but there might be tax consequences. If a corporation fails to qualify for S corporation status, than the corporation must be a C corporation. With a C corporation, 100% of the medical expenses incurred by you (as a shareholder and employee), your spouse and your children are tax deductible. In a sole proprietorship, only 45% of such medical expenses are tax deductible for the 1998 tax year. In 1993, Section 1202 of the Internal Revenue Code was enacted to provide a 50% exclusion of any capital gain from the sale of "qualified small business stock." For shares to qualify for the exclusion, several tests must be met. For instance:

• Shares must be purchased directly from a C corporation and the shares must be held for at least five years (shares do not qualify if purchased in any later trading market).
• A "qualified small business" must have not more than $50 million in assets at all times before and immediately after the issuance of stock.
• At least 80% of the corporation's assets must be used in the "active conduct of one or more qualified
• trades or businesses" throughout the holding period.

There are also limitations on the persons who may use the exclusion. You should consult your own tax advisor as to the availability of the capital gains tax exclusion.

How does an S corporation differ from a sole proprietorship?
With an S corporation, the distribution of S corporation profits is exempt from the 15.3% social security/Medicare tax that is imposed on wages. The shareholder of an S corporation saves about $1530 for every $10,000 profit distribution ($10,000 x 15.3% = $1530) because the entire profit distribution is exempt from the social security/Medicare tax. The tax savings strategy is commonly called "wage reduction." Remember to pay a reasonable wage if you implement the wage reduction strategy. By contrast, in a sole proprietorship, all self-employment income is subject to the 15.3% social security/Medicare tax (called self-employment tax in the context of a sole proprietorship). If you are the sole owner of a business that has not incorporated, your business is considered a sole proprietorship. The 15.3% security/medical tax is comprised of a 12.4% social security tax and a 2.9% Medicare tax. Wages higher than $76,200 are exempt from the 12.4% social security portion of the tax. Note, however, that the 2.9% Medicare portion of the tax is applied to all wages (and self-employment income), without an upper limit. In addition to the tax savings benefit explained above, there are liability protection reasons for choosing to run your business as an S corporation. With an S corporation, your liability is limited to the money you invest in your business. With a sole proprietorship, you have unlimited personal responsibility and all of your personal assets are subject to the rights of creditors to seize or place a lien against your personal assets and treat the S corporation like a C corporation.
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Legal FAQs

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