Detroit is a great place to start and operate a business if someone is looking to start a business and realize the American dream. It is well known that economy of Detroit plays a key role in strengthening the economy of Michigan and the United States. Detroit is known as the automotive capital of the world, and it is estimated that the domestic auto industry directly and indirectly provides about 10 percent of the jobs in the country. In addition to automotives, with a view to diversify, Detroit has also moved into emerging fields, such as life sciences, fuel cell technology, information technology and advanced manufacturing. The greater DETROIT metropolitan area includes Bloomfeild Hills, Ann Arbor, Farmington, Plymouth, Birmingham, Auborn Hills, Livonia, Southfield and Troy.
The opening of a satellite office outside Washington D.C. in Detroit has marked its place in history. The satellite office is aimed at benefiting engineers and inventors benefited as they would be in direct contact with the patent attorneys and patent examiners. The office in Detroit will help in shortening the time period between the business idea and the business implementation. The office will also provide services including meetings and video conferencing with the staff in Patent Office near Washington D.C.
In 2009, United States Patent and Trademark Office was facing loads of applications and the backlog was for more than 750,000 patent applications which would have easily taken 3 – 4 years to complete. After coming of President Obama the office was funded to open three satellite offices and to deal with the backlog.
The new office will require 31,000 square feet, so after the search USPTO decided that Detroit is the suitable place for the new office. After the office is made, about 100 patent examiners with experience in intellectual property will be hired.
The main reason why the USPTO chose Detroit is that, Detroit has a number of scientists and engineers, increasing patent activities and also a high range of patent attorneys and patent examiners.
Michigan colleges and universities graduate about 6,600 engineers and engineering technicians every year. It is ranked 7thin the nation for the total number of patents more than 3,500. It was reported last year that Detroit is the fastest growing area for technology jobs in US.
Senior vice-president of economic development for the Detroit Regional Chamber, Erulkar, states that when the economic indicator was going down, Michigan improved its performance in patent production. This shows the potential to grow high in future. As per a study, 25% of Detroit’s population flees the city limits, but the surprising part was the new statistics that the percentage of college educated people in the age group of 25 to 39 years was increased to 59%. The performance of Detroit is steady, in spite of some trouble faced. Therefore, the new U.S. Patent and Trademark satellite office opening in Detroit will cut red tape and help spur innovation in local industry.
Tech Corp Legal LLP, is a full service international intellectual property (IP) law firm which, in association with US Patent Attorneys, assists Detroit business in all intellectual property matters, including patent and trademark services. Tech Corp International Consultants Pte. Ltd. is a business consultancy based in Singapore, for providing international business solutions.
The patent services include utility, provisional, and non-provisional patent preparation, application, and prosecution, across various technology sectors, including biomedical, computer and software, electrical, mechanical, and business method patents. Numerous USPTO patent office action reports are outsourced to our patent IP law firm. Our patent law firm includes US trained patent attorneys who are experienced in preparing patent response arguments to outsourced USPTO office action reports. As an experienced Office Action Response Attorney (Prosecution Lawyer), our patent team provides flagship services of Patent Prosecution and Trademark Prosecution by responding to office actions (Examination Report) raised by patent offices worldwide. Generally, an office action is a document written by an examiner in a patent or trademark examination procedure and mailed to an applicant for a patent or trademark.
We also assist our patent clients throughout the U.S. and worldwide by providing patent application preparation and prosecution services across all major jurisdictions throughout the world, either individually or through the Patent Cooperation Treaty (PCT), through our international associate lawyers and law firms. We also provide patent infringement services, patentability searches and opinions, licensing contracts, clearance searches and analysis.
Our team specializes in intellectual property and technology-related matters and provide a full range of services including, providing advice on the management of patent portfolios, drafting joint venture agreements and technology transfers, drafting confidentiality, non-competition, and non-disclosure agreements, patent landscape studies and analysis, and design-around engineering of products to avoid existing patents.
General Guide to Start a New Business
How a business has to be started revolves around ten basic steps including planning, preparing and managing, i.e. (a) Planning the business plans, (b) Preparing financial steps, and (c) Managing legal activities.
Writing Business Plan
A business plan is an overview of the business as it shows the directions how a business will be started and how it will be implemented. There is a different business plan for every business, but there are some factors that remain same in all the plans. Following is the outline of a business plan:
- Cover page.
- Table of contents.
- Executive summary.
- Subject matter of the document.
- Explanation of the business.
- Performing strategy.
- Business security.
b) Economical statistics
- Claiming the credit.
- Installation of the capital and the required related list.
- Balance sheets.
- Analytic thinking.
- Financial statements.
- 3 to 4 year synopsis.
- First years’ monthly details.
- Second and third years’ quarterly details.
- Predictions over assumptions.
c) Related documents
- All business sheets and tax returns for past three years.
- Authority contract supported by all other documents.
- Agreement for building space.
- Copy of all licenses and legal documents.
Selecting a Business Location
This is the most important decision for the owner to plan out from where he is going to start, and this requires a lot of research. The research and planning for a place includes state laws and taxes as well as looking out for competition. While doing all this, the owner should keep his budget in mind.
Factors Affecting the Location
The basic need to grow the business is to have a good interaction with people. The brand image goes hand in hand with the location.
- Whether the market nearby is interrelated or antagonistic.
- Whether the business will be able to get potential employees or not.
- Whether the space would be enough for future growth or not.
- Whether the building is out of reach of thieves or criminals or not.
Another important factor is the finances. The building chosen for the business is affordable or not.
- Cost not only means to buy the building but also the overhead expenses.
- Next in line are income taxes, sales taxes and the property taxes.
Financing a New Business
To start a business a huge capital is required. A detailed research on government backed loans can be helpful. Loans vary from area to area, example there are different loans for rural areas, and different loans for exporting good. Loans also vary from short term loans to fully fledged long term loans.
Statutory Structure of the Business
This step is basically the combination of business related taxes. When the owner starts a business he has to declare the form of his business as it decides the income tax return. The forms of business are different from every other form. They vary from partnership to sole business, from corporation to limited liability partnership (LLP).
International Technology Business & Patent Law Firm in India: Patent Drafting, Patent Searching, Patent Filing in India, PCT National Phase Filings in India: http://www.techcorplegal.com/
International Business & Management Company in Singapore: Starting a Business in Singapore: http://www.techcorpgroup.com/
By Rahul Dev
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