I have just met with a new client, Isabel Vision. Over the past five years Isabel has been working on a formula that can alter the colour of a person's eyes instantaneously and has now perfected it in the form of a pill. She wants to set up a manufacturing and wholesaling business for the production and sale of the pill to various beauty houses, pharmacies, and retail outlets. Isabel would like to establish the business with other people and is considering whether to include her friends, Pat and Vince. Isabel seeks advice on potential business structures she could use to run her business as well intellectual property protection she will require. She intends to call her business 'Eye Lux' and has developed her own unique logo. She also wants to promote the product on social media via catchy slogans. She wants to ensure that her extensive research and her secret formula are protected and not replicated. Isabel will need an office space as well as a production area and intends to purchase a large warehouse complex that she can fit out with both (which she will use to run her business from). She will also need to purchase expensive machinery to enable her to manufacture in bulk. She estimates all of this will cost $800,000.00. She further intends to hire staff to support the anticipated increase required for production and sales. Isabel has big ideas for her business and she believes she will need to borrow money to fund future expansion plans and is concerned that she may not meet the required lending and servicing requirements due to insufficient security available for any bank loans she wants to take out. Isabel owns a house, with $200,000 worth of equity and has $100,000 in savings. She does not want to give up control of the day-to-day operations of her business, but would consider sharing ownership of the business with others if they contribute capital. She has two friends (Pat and Vince) who are well known entrepreneurs and interested in being part of her business. Pat and Vince both have extensive marketing and sales experience. In conversations with Isabel, it transpires that Pat and Vince can each provide $250,000 and Isabel the remaining balance. Isabel has identified a number of key questions and concerns below:

Explain to Isabel the importance of getting intellectual property (IP) protection and recommend to her at least two types of IP that might be suitable for her circumstances. When making a recommendation, please provide her with sufficient detail regarding the following: i. Any legislation that relates to the intellectual property protection (IPP); ii. If the IP needs to be registered and if so with whom; iii. What criteria must be satisfied to apply for the IP; and iv. The duration of protection (including prospect of renewal).