The Art of Mastering Businesses

4 Types Of Intellectual Property

If you’re thinking to start a new business or currently own one, then it is crucial to familiarize yourself with what’s known as intellectual property. The truth is, this is a phrase that is used in describing legal rights to which people have a hold over creations of the mind like writing, works of art, designs, music, ideas, choreography or inventions. Believe it or not, there are 4 types of intellectual property and these include copyrights, patents, trade secrets and trademarks.

Number 1. Copyright – this is a kind of intellectual property that is protecting original authors of both unpublished and published creations. The rights of these works solely remain to the passions of the creator for the specified period of time under the copyright law. As soon as the time period elapsed, then these works will be open to others for republication and reproduction.

Number 2. Patents – in reality, these are legal property rights being applied to the inventions than the works of any type of literacy or art and they should be distributed by the US Patent and Trademark Office. In most instances, the patents can be applied to items such as processes, manufacturing designs, machines, compositions of matter or biological discoveries. Just like copyrights, these patents are available to investors for a particular period of time before it reach expiry. In general, patents are able to last for up to 20 years after the data to which the application for patent is filed.
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Number 3. Trade Secrets – these are designs, practices, processes, recipes, formulas or even ideas that are used by a company that lets it gain leverage in the industry. Trade secrets most of the time are hidden by a person’s own means when compared to being protected through government policies like copyrights or patents. As an example with regards to self protection, it is used commonly with trade secrets by locking pertinent info in a bank vault. But the moment they are leaked to the public, anyone can make use of them as these trade secrets are lacking of legal protection.
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Number 4. Trademarks – normally, these include phrases, words, symbols, designs or even devices used in line with a certain good or brand to be able to distinguish it from other merchandise of that industry. Trademarks are used for identification purposes and protected legally by the time they have been registered with the US Patent and Trademark Office.

Believe it or not, many people are not aware of the value and the presence of these assets because it comprises of expertise, knowledge, now-how that only high qualified employees have. Having such basically gives a company an edge over its competition.