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Top Articles - Rhode island Corporations, Limited Liability Company (LLC), Partnerships, Small Business Law FAQS
1) Should I protect my home and personal assets by incorporating my business?
Typically, yes. The single most important reason for inco
Typically, yes. The single most important reason for inco
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
rporating is the fact that debts of the corporation and claims against the corporation will not adversely affect your home and other per
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
sonal assets.
2) What is the difference between a corporation and a limited liability company (LLC) in Rhode Island?
Both a corporatio
2) What is the difference between a corporation and a limited liability company (LLC) in Rhode Island?
Both a corporatio
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
n and a limited liability company (LLC) provide asset protection against claims against your personal assets. The main difference betwee
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
n the two involves the treatment of profits and losses for income tax purposes. A corporation is a taxable entity and pays taxes on its
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
profits. A limited liability company does not pay taxes on the corporate level, but its profits and losses are taxed on each member's ow
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
n tax return. In a corporation the owners are referred to as shareholders and in a limited liability company the owners are referred to
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
as members. The chief executive officer of a corporation is the President. The chief executive officer of a limited liability corporatio
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
n is the Manager.
3) What will my lawyer need to know at our first meeting in order for him to incorporate my business?
You will need
3) What will my lawyer need to know at our first meeting in order for him to incorporate my business?
You will need
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
to provide the attorney with two or three potential names for the business so that he can determine if any of them are already used. The
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
attorney will need to know the name of your accountant so that he can discuss with the accountant whether you should be a corporation o
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
r a limited liability company. The attorney will need to know the names, addresses and social security numbers of each of the shareholde
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
rs/members of the corporation or limited liability company.
4) If I incorporate, will I need to do anything each year to keep the corpo
4) If I incorporate, will I need to do anything each year to keep the corpo
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
ration in good standing?
Yes. An annual report filed with the Secretary of State is required each year listing the address of the busin
Yes. An annual report filed with the Secretary of State is required each year listing the address of the busin
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
ess and the current shareholder/member. Typically, an attorney prepares this report and updates the corporate minute book by preparing t
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
he minutes of the annual meeting.
5) If I am operating a business with another person, should I form a partnership or incorporate?
If
5) If I am operating a business with another person, should I form a partnership or incorporate?
If
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
you are in business with another person, at the very least you should have a partnership agreement indicating who owns the business and
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
how decisions are made in the operation of the business. Another crucial aspect of the agreement will be determining what happens upon t
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
he death of one of the owners. Often, it is preferable to set up a corporation or limited liability company so that your personal assets
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
will be protected from the debts of the partnership and for any claims for injuries or property damage resulting from the other partner
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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