Dinn, Hochman & Potter, LLC

July 2013 Archives

What to include in a business plan

Business owners and entrepreneurs should begin with the development of a business plan when starting a new business. These steps will give the new business owners a solid plan of action and help them understand their market before they open their doors. While not all entrepreneurs take the time to develop a business plan, those who seek financial investments and loans will be required to put their plan on paper.

Small businesses may need an intellectual property strategy

Ohio businesses may be interested in learning about the growth of intellectual property. There are three major forms of power that a business' leverage comes from: physical power, tangible objects and intangible objects. Physical power and tangible objects have historically been prized by companies, but in recent years, intangible objects have seen a larger market share. This means that companies also need to protect their intellectual property. Studies showed that by 1997, almost 73 percent of a company's assets were usually intangible, up from 20 percent in the 1970s when most business litigation involved physical assets. Intellectual property used to be something held only by large corporations, but now, it can be held by small corporations and individuals.

Cleveland hospitals agree to merge

A merger with Parma Community General Hospital in Cleveland is the second in 10 days announced for University Hospitals. The health system is also planning to merge with EMH Healthcare in Elyria. This new business formation and planning is intended to improve the standing of University Hospitals as well as provide financial support for the struggling healthcare system.

Patent Assertion Entities

Inventors and consumers in Ohio may have heard of 'patent trolls." The common perception of a patent troll is someone who files a baseless suit for patent infringement, hoping that the defendant in the suit will settle for a sizable sum rather than pay the legal costs involved in defending against such frivolous suits. Some individuals or organizations do this by purchasing patents from original inventors cheaply and then suing large enterprises that manufacture devices similar to their patents.

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