I am looking for simple hypothetical answers and opinions only to gain better understanding of patent law:

If I am at work and I think of an invention similar to the inventions created at the company that employs me. I have developed inventions before as part of my job description, but I would like to go into business for myself.

Question 1: Who owns this new idea?Under what conditions might your answer change?

Question 2:Is your idea Patentable?

Question 3:What steps might your employer take (or have already taken) to prevent you from carrying out your plan if they find out about it?

Question 4:What's to stop one of your employees from simply taking your new invention and starting theirowncompany to manufacture the rocket powered hang glider before you do?Is there anything you can do?

Question 5:A member of your team suggests that the name Ace Rocketry Inc has a nice ring to it and would make a good name for your new business venture.Should you adopt this name?