Legal Question in Intellectual Property in Washington

I am planning to patent a line products and a company trademark under my personal name. I am also going to create a LLC company in the state of Washington. I will lease my patent and trademark to my LLC company. If someone sued my products and my company lose, my LLC's product liability insurance will pay for the damages. In the event of the damage was greater than my insurance limit. My LLC would most likely forced to file bankruptcy. Since I lease my patent to my LLC. Am I still personally liable for the damages? Are my patent and trademark still safe under my procession? If the answer is or are no. What is the best to protect my patent, trademark and my personal asset from lawsuit?


Asked on 5/11/10, 2:47 pm

1 Answer from Attorneys
Kevin B. Murphy Franchise Foundations, APC

Most lawyers will tell you getting a patent is a long, expensive process. If you are that concerned about liability (which is what high-limit insurance policies are designed for) then why not put the patent, etc. in the name of your LLC from the start? Consult with an attorney in your area for specific advice.

Kevin B. Murphy, B.S., M.B.A., J.D. - Mr. Franchise

Franchise Attorney

Kevin B. Murphy, B.S., M.B.A., J.D. - Mr. Franchise

Franchise Attorney

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Answered on 5/18/10, 6:23 am


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