Understanding the legal asset intellectual property

Business ideas, visual art, published or unpublished literary and musical works, inventions, computer programs, and designs of clothing and architecture can be protected by law through copyrights, patents, and trademarks. These valuable assets also need to be carefully considered when planning your estate, so that they are transferred to your heirs according to your wishes upon your death.

Understanding the legal asset intellectual property

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Why the prescription drug you have to take every day costs so much? What Is Intellectual Property? Intellectual property, broadly speaking, is not just an idea, but an idea that has been turned into something tangible like a book, a product design, a company logo or a prescription drug.

It takes someone a lot of effort and experience to come up with a novel, valuable idea, and intellectual property laws protect those ideas. Patents, trademarks, trade secrets and copyrights are the ways an inventor can legally protect his or her intellectual property rights.

The owner of intellectual property rights can sue anyone who violates those rights. Not all inventions can be protected under intellectual property laws, however, and intellectual property rights expire after a certain period of time. Types of Intellectual Property There are four main categories of intellectual property: Patents are government licenses that give the holder exclusive rights to a process, design or new invention.

Those exclusive rights last 14 to 20 years in the United States, depending on the type of patent. Trademarks can be protected as long as they are in use.

Understanding Intellectual Property: Everything You Need to Know

To secure legal protection for their trade secrets, companies must make reasonable efforts to protect them, and the information must have economic value. The recipe for Mrs. With trade secrets, protection lasts for as long as the company manages to keep the information under wraps.

Copyrights are generated automatically when someone creates something, but the creator can register a work with the copyright office for increased protection. For example, your dad owns the copyright to the home video he recorded of you opening Christmas presents in simply because he made the video.

More than one type of intellectual property right may apply to the same product. To secure a patent or register a trademark in the United States, the inventor should file a patent application with the United States Patent and Trademark Office.

The basic conditions for patentability are that the invention must be novel and nonobvious. To register a copyright, the owner should go through the Copyright Office of the Library of Congress. Certain types of inventions can never be patented, including mathematical formulas, scientific principles and natural substances.

Why Intellectual Property Is Important to Companies Intellectual property protects the market value of data that can give a business a competitive advantage.

For example, a website that hires freelance writers would need to own the intellectual property rights to the articles it purchased if it wanted to prevent its freelancers from reselling the articles it had paid them for to competing websites. I did have a prototype to license.

Instead of an "all rights" contract, they may try to sell only "first North American rights. Some people argue that maintaining a system to defend intellectual property rights is immensely costly and that those resources could be better spent working toward additional unique creations.

Another argument is that intellectual property rights are sometimes secured for defensive reasons, leading to large sums going to legal fees when that money could be spent more productively.

Estate Planning For Intellectual Property – Denha & Associates, PLLC

Patent trollsfor example, are infamous for violating the spirit of the patent system to stall companies from doing real work and seeking awards through lawsuits. FotoMedia is one company known for engaging in such practices.

Mobile patent wars are another example of a wasteful use of resources to secure intellectual property rights and prevent others from doing so.

The results of such struggles can be higher prices and fewer innovations for consumers. The Bottom Line If you have a unique process, design, invention, work of authorship or other type of intellectual property, you can protect your rights by applying for a patent or trademark, filing copyright, and guarding your trade secrets.Intellectual property (IP) refers to creations of the mind: inventions, literary and artistic works, and symbols, names, images, and designs used in commerce.

Join Dana Robinson for an in-depth discussion in this video, Welcome, part of Understanding Intellectual Property. Intellectual Property (IP) is a new idea or invention that is commercially (or artistically) useful.

IP is an important intangible asset that can complement the tangible assets of a business. Maximizing the economic value of a software asset critically depends on understanding the nature of the intellectual property rights involved and how best to use the available forms of .

Intellectual capital is recognized as the most important asset of many of the world’s largest and most powerful companies; it is the foundation for the market dominance and continuing profitability of . Four examples of intellectual property As a business owner, you manage many assets on a daily basis, but you may be overlooking an important one: intellectual property.

Understanding the legal asset intellectual property

Your intellectual property includes the intangible assets you create for your business, such as names, designs, and automated processes.

Understanding intellectual property management - IP Primer