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Fact Pattern 11-1
Samantha develops a new type of comb that effectively removes loose dog hair and eliminates problems with shedding. Samantha had never seen such a comb on the market and was very surprised when she received notification that she was being sued for patent infringement by the holder of a patent on a similar type of comb. Samantha investigates and determines that the earlier patent was valid. Her friend Harry, a first year law student told her that she could not be guilty of patent infringement because she was not aware of the earlier patent, and that she should proceed to at least sell the rest of her inventory.
-Refer to fact pattern 11-1. Assuming the validity of the earlier patent,which of the following is true regarding Harry's statement that Samantha could not be guilty of patent infringement because she was unaware of the earlier patent when she began marketing her combs?
Tax Returns
A formal statement of income over a specific period, filed with the government or tax authority, used to calculate taxes owed or refunds due to the taxpayer.
Double Taxation
Refers to the taxation of the same income or financial transaction at two different levels, such as corporate profits taxed both at the corporate and individual shareholder level.
Dividends
Payments made by a corporation to its shareholders from its profits or reserves.
LLPs
Limited Liability Partnerships, a legal structure for businesses where partners have limited liabilities.
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