The short answer is YES!

Lots of technology startups, internet startups and software startups I work with have typically developed some degree of intellectual property prior to actually organizing a business entity (corporation, LLC…etc).  Sometimes that IP is very early stage, sometimes, especially in the case where a founder is a developer or engineer, the IP may be very far along in terms of development.  Sometimes that IP may simply be a domain name. This may not seem like a big problem initially – but if the company ever wants to (a) enter into any significant contractual relationships relating directly or indirectly to the IP, (b) raise capital via private equity or debt, or (c) sell the business, not assigning the IP to the company can be a big problem.  The other parties in the transactions mentioned in the previous sentence will require that the company represent that it owns the IP – and when it can’t (because it doesn’t) – those other parties will require that it be duly assigned by the founder to the company.  What is the founder then demands a big payday?  What if he walks – and takes the IP with him?

To prevent all of this and a litany of other problems, founders should assign to the company whatever IP they own / have developed that is related to the business of the company – and the assignment should be made upon inception when the first grant of stock is made to the founder.  This may be done via a simple, broadly worded, IP assignment agreement.

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Today I launched a new a couple of new websites, one of which is myIndianaLLC.com. Over the past year, a good deal of my solo legal practice has been driven by the various blogs and sites I maintain on the internet, including this one.  One thing I have learned is that not everyone that finds me wants a “traditional” experience with an attorney. They know what they want in terms of legal advice or documents. They want it quick, and they want it to be affordable. They don’t need or want to meet face to face. They don’t want to visit an office. They don’t want broad representation. Some of them need an LLC formed. Some of then need a power of attorney.

myIndianaLLC.com caters to the needs of these people. By using carefully designed, interactive questionnaires that help me quickly assemble documents, I am able to form and organize an Indiana Limited Liability Company at a fraction of the cost that some other attorneys charge. In fact, the prices on myIndianaLLC.com are right on par with non-attorney legal form sites such as LegalZoom.com. Keep in mind that LegalZoom.com is not an attorney and may not give you legal advice – I can.   Not to mention that myIndianaLLC.com will form your Indiana LLC and return all of your documents to you in either 1 or 3 business days, depending on which package you purchase.  You get an Indiana LLC, prepared online by an Indiana LLC Attorney.

So what do you get?

A single member LLC starts at $400.  A multiple member LLC starts at $600.  You get:

• Articles of Organization that have been filed with the Indiana Secretary of State (the filing fee of $87 is included in your price!).
• A Certificate of Organization from the Indiana Secretary of State.
• A Single Member Operating Agreement.
• Organizing Resolutions of the Members or Managers.
• A Membership Interest Certificate, evidencing your ownership interest in your new Indiana LLC.
• A memo with instructions on what to do with your documents, how to apply for an EIN, various state reporting requirements, and advice regarding how to maintain the limited liability protections provided by your LLC.

How Does it work?

Follow a simple process to get started:

1. Choose the Indiana LLC package you would like to purchase.
2. Register for an account (subject to terms of use).
3. Purchase your Indiana LLC package.
4. Fill out our easy online questionnaire

Once you complete the questionnaire, the documents associated with your Indiana LLC will be generated and sent to experienced LLC attorney Brian V. Powers for review.  We will review them, follow up with any questions, file the appropriate documents with the Indiana Secretary of State, and when everything has been completed, we upload your completed documents to the site where they will be available for your download.

Why are online legal services fast and affordable?

Its the technology of course!  By using the latest in online document automation technology, your LLC documents are prepared quickly without the need to have a paralegal or legal secretary to key in your information.  Our technology is smart too – it knows how to assemble your document based on the answer you provide.  Answers are collected online.  Payments are collected online.  Documents and advice are delivered online (and by phone from time to time).  Most lawyers waste a lot of time and money on expensive offices, unnecessary staff & overhead, and client meetings.  Not here.  We focus on you and your legal needs and organizing your Indiana LLC – which saves you time and money!

Compare Us to Others – A Licensed Attorney vs Legal Forms Providers

I challenge you to find a better value anywhere. In fact, here is a link to the “leading” online document-preparation service: LegalZoom(tm).  I put that link there hoping you will click on it, and knowing that you’ll be back.  I spend a lot of time fixing the mistakes they, and other non-attorney document preparation services, make.  The advantage of using us – you’ll have the advantage of a real lawyer personally preparing your LLC documents and forming your Indiana limited liability company, instead of some non-attorney clerk on the other side of the country.

Some great news for Bloomington, Ind software and technology start-ups – the Bloomington Technology Partnership recently joined the BizSpark program, which provides certain software technology companies with three years of free Microsoft software, including Microsoft Windows Server, Microsoft Office SharePoint Portal Server, Visual Studio, SQL Server and more!  To be eligible for the BizSpark program, start-up companies must be:

• privately held
• have a software-based product or service at the core of their current or future business
• be in business for less than three years
• earn less than $1 million in annual revenue.

The entire press release follows:

Bloomington, Ind. — The Bloomington Technology Partnership announced today that they have joined BizSpark, an international program that provides software technology startup companies with three years of free Microsoft software.

“We are very excited to help bring cost savings to our local start up business community,” said Jeremy Sowders, Vice President of Business Development for the Bloomington Economic Development Corporation (BEDC) which manages the Bloomington Technology Partnership. “The BizSpark program by Microsoft is an innovative way to help companies during the critical early stages of development and for that reason we wanted to help make this resource available in Bloomington.”

The Bloomington Technology Partnership worked closely with the Indiana University Research & Technology Corporation (IURTC) to bring the BizSpark program to the Bloomington area. “The Microsoft BizSpark program fits right into our mission of helping fledgling start up ventures successfully transition into profitable entities.” added Tony Armstrong, President & CEO of the IURTC. “By sponsoring this program the Bloomington Technology Partnership strengthens the position of both the Bloomington area and Indiana University-Bloomington in today’s ultra competitive start up business environment.”

Microsoft programs available through BizSpark include Microsoft Windows Server, Microsoft Office SharePoint Portal Server, Visual Studio, SQL Server and more. To be eligible for the BizSpark program, startup companies must be privately held, have a software-based product or service at the core of their current or future business, be in business for less than three years, and earn less than $1 million in annual revenue. A company may take part in the program for up to three years unless it goes public or is acquired by another company. There are no initial fees to join the program, but $100 is due from the company when it exits the program.

Companies can solicit the Bloomington Technology Partnership to be their BizSpark sponsor by visiting the program’s web page at http://www.microsoft.com/bizspark/ and entering the section labeled “Startups.” After selecting the proper region, click on the Bloomington Technology Partnership as the sponsor organization.

About Bloomington Technology Partnership

The Bloomington Technology Partnership fosters the growth of Bloomington’s emerging high-tech economy. A public-private partnership established in 2008, it draws on the “best and brightest” to meet the needs of high-tech companies and their employees.

The Bloomington Technology Partnership is a program of the BEDC, a not-for-profit corporation funded through memberships from private industry, City of Bloomington, Monroe County, Indiana University and Ivy Tech Community College-Bloomington. The Bloomington Technology Partnership is funded in part by the City of Bloomington. For more information go to www.bloomingtontech.com

Source: Bloomington Economic Development Corp.

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Nico Corporation, an Indiana medical device start-up located in Indianapolis, announed on July 20 that they have closed a $10MM round of funding.  Congratulations to Nico.  Here is the entire release:

NICO Corporation, founded by several experienced Indiana life science executives, announced today that it has secured $10 million in Series C funding from more than 45 new investors. NICO is a privately-held medical device company holding exclusive worldwide patent rights to the newest automated minimally invasive neuro and spinal tissue and tumor removal instruments to hit the commercial market in more than a decade. The investment round was led by familiar names to the Indiana life sciences community Rose-Hulman Institute of Technology, Twilight Venture Partners, River Cities Capital Funds, Clarian Health Ventures, and The HALO Group.

“NICO is one of those companies that has all the right ingredients for a success story, said Carter McNabb, managing director of River Cities Capital Funds. “Innovative technology, compelling clinical applications and experienced leadership are all components of the NICO story line. NICO’s leadership team produced outsized results in the past with Suros Surgical Systems, and we believe they are poised to do it again with NICO.”

Indiana’s life science sector continues to show signs of strength even during challenging economic times. NICO is part of that Midwest sector growth and launched its first product, the NICO Myriad™, in May. The company has raised more than $12 million in total investments with over 60 investors. NICO President and CEO Jim Pearson said this most recent funding round will allow the company to expand the product line and prove out the sales cycle while building market momentum into 2010.

“Securing this level of commitment from investors who understand the importance of integrating reliable and industry-changing technology with a solid business plan indicates an unprecedented level of confidence during unpredictable economic times,” said Pearson. “These investments will allow NICO to ramp-up production and ultimately provide patients with new minimally invasive surgery options.”

The NICO Myriad is designed for all soft tumor tissue removal in the central nervous system and offers surgeons significantly more control for delicate tissue shaving on and around critical structures while drastically reducing surgical procedure times. It can be inserted down the working channel of an endoscope and is uniquely capable of cutting, aspirating and dissecting tissue without removal from the surgical field.

“This device has tremendous potential to play a significant role in enabling access and ensuring safety in the removal of brain tumors near critical structures and in tight spaces,” said Dr. Troy Payner, neurological surgeon and president of the Indianapolis Neurosurgical Group. “It offers several advantages over existing technology, especially for minimally invasive neurosurgery and endoscopic neurosurgery. It may also have applications in the spine, which could be revolutionary.”

The NICO product line is unique in its ability to advance the industry towards more minimally invasive approaches because it uses no heat and can eliminate patient risk from heat damage to adjacent critical structures such as nerves or blood vessels. They are capable of being used in all open and endoscopic procedures, allowing the physician superior access with a tool that is about the size of a pencil. NICO products are also completely automated, which improves the rate of tissue removal during open and endoscopic surgery.

The NICO technology offers a unique advantage that can shorten the duration of surgery, preserve critical structures, and improve the extent of resection of certain brain tumors, all of which will improve patient outcomes,” added Dr. Payner.

More than 200,000 people in the United States and 2 million people worldwide are diagnosed with a brain tumor every year. They are the leading cause of solid tumor cancer deaths in children under the age of 20, the second leading cause of cancer deaths in male adults ages 20-29, and the fifth leading cause of cancer deaths in females ages 20-29. The Myriad device has clinical applications for both adult and children patient populations.

To learn more about NICO Corporation and the NICO Myriad, visit www.niconeuro.com.

NICO Corporation, founded by several experienced Indiana life science executives, announced today that it has secured $10 million in Series C funding from more than 45 new investors. NICO is a privately-held medical device company holding exclusive worldwide patent rights to the newest automated minimally invasive neuro and spinal tissue and tumor removal instruments to hit the commercial market in more than a decade. The investment round was led by familiar names to the Indiana life sciences community Rose-Hulman Institute of Technology, Twilight Venture Partners, River Cities Capital Funds, Clarian Health Ventures, and The HALO Group.

“NICO is one of those companies that has all the right ingredients for a success story, said Carter McNabb, managing director of River Cities Capital Funds. “Innovative technology, compelling clinical applications and experienced leadership are all components of the NICO story line. NICO’s leadership team produced outsized results in the past with Suros Surgical Systems, and we believe they are poised to do it again with NICO.”

Indiana’s life science sector continues to show signs of strength even during challenging economic times. NICO is part of that Midwest sector growth and launched its first product, the NICO Myriad™, in May. The company has raised more than $12 million in total investments with over 60 investors. NICO President and CEO Jim Pearson said this most recent funding round will allow the company to expand the product line and prove out the sales cycle while building market momentum into 2010.

“Securing this level of commitment from investors who understand the importance of integrating reliable and industry-changing technology with a solid business plan indicates an unprecedented level of confidence during unpredictable economic times,” said Pearson. “These investments will allow NICO to ramp-up production and ultimately provide patients with new minimally invasive surgery options.”

The NICO Myriad is designed for all soft tumor tissue removal in the central nervous system and offers surgeons significantly more control for delicate tissue shaving on and around critical structures while drastically reducing surgical procedure times. It can be inserted down the working channel of an endoscope and is uniquely capable of cutting, aspirating and dissecting tissue without removal from the surgical field.

“This device has tremendous potential to play a significant role in enabling access and ensuring safety in the removal of brain tumors near critical structures and in tight spaces,” said Dr. Troy Payner, neurological surgeon and president of the Indianapolis Neurosurgical Group. “It offers several advantages over existing technology, especially for minimally invasive neurosurgery and endoscopic neurosurgery. It may also have applications in the spine, which could be revolutionary.”

The NICO product line is unique in its ability to advance the industry towards more minimally invasive approaches because it uses no heat and can eliminate patient risk from heat damage to adjacent critical structures such as nerves or blood vessels. They are capable of being used in all open and endoscopic procedures, allowing the physician superior access with a tool that is about the size of a pencil. NICO products are also completely automated, which improves the rate of tissue removal during open and endoscopic surgery.

The NICO technology offers a unique advantage that can shorten the duration of surgery, preserve critical structures, and improve the extent of resection of certain brain tumors, all of which will improve patient outcomes,” added Dr. Payner.

More than 200,000 people in the United States and 2 million people worldwide are diagnosed with a brain tumor every year. They are the leading cause of solid tumor cancer deaths in children under the age of 20, the second leading cause of cancer deaths in male adults ages 20-29, and the fifth leading cause of cancer deaths in females ages 20-29. The Myriad device has clinical applications for both adult and children patient populations.

To learn more about NICO Corporation and the NICO Myriad, visit www.niconeuro.com.