Limited Liability Partnership
Limited Liability Partnership (LLP) is an alternative form of business organization. It not only provides the benefits of limited liability but also allows its members the flexibility of organizing their internal affairs as a partnership based on a mutually arrived agreement. Liability of the partners is not as limited as that of shareholder in a company.
There are numerous benefits:
- Business partners, investors and shareholders may perceive the patent portfolios as a demonstration
- Sometimes, the inventor might not want to exploit the invention himself.
- Having invested a considerable amount of time and money in developing the invention, under the umbrella of exclusive rights, the inventor could bring in the invention to the commercial market and thus obtain higher returns on the investment.
- Of course, this depends on the economic utility of the patent.
- For this reason, the inventor must ensure the commercial viability of the patent before investing on patent.