Understanding the Basics: 3 Types of Intellectual Property Every Business Owner Should Know

Understanding the Basics: 3 Types of Intellectual Property Every Business Owner Should Know

As a business owner, the protection of your intellectual property can prove vital to the success of your enterprise. Intellectual property refers to legal rights associated with creative works and inventions that can be owned by individuals or businesses and recognized by the law, granting them a monopoly to use their creation for a particular duration. In this article, we will be discussing the three most common types of intellectual property that business owners should have at least a basic understanding of to protect their assets.

1. Patents

Patents grant inventors the exclusive right to use, manufacture, and sell their invention for a specific period. Patent law aims to incentivize innovation by granting patent holders a temporary monopoly to capitalize on their inventions. Patents come in three varieties: utility, design, and plant patents. Utility patents cover the composition, use, and functionality of inventions, while design patents cover the ornamental features of an invention. Plant patents are granted for the invention or discovery of new plant varieties.

For a patent to be granted, the invention must meet specific requirements, such as novelty, non-obviousness, and usefulness. Once granted, patent rights can last for up to 20 years from the date of filing. However, maintaining a patent can be costly due to feeduring its lifespan, including annual fees and maintaining the patent for the duration of its lifespan. A patent attorney or patent agent can provide guidance on the patent application process and maintenance.

2. Trademarks

Trademarks are used to protect brand identities such as logos, words, and symbols used to distinguish businesses’ products and services in the marketplace. Trademark protection is essential as it helps build brand recognition, protects business goodwill, and prevents other entities from utilizing the same mark that may confuse customers.

To protect your business’s trademark, you must register it with the U.S. Patent and Trademark Office. Once registered, the trademark can last indefinitely as long as the mark continues to be in use and you meet the renewal filing requirements. However, businesses should note that if they do not use their registered trademark for an extended period, competitors could challenge and potentially cancel the trademark registration.

3. Copyrights

Copyrights provide legal protection to any original artistic, literary, or creative work such as writings, music, and artwork. Copyrights automatically vest in the creator upon the work’s creation and are designed to incentivize artistic creation and promote the arts. Copyright rights allow the owner to control the use, reproduction, and distribution of the work protected by copyright.

To obtain copyright protection, the work must be original and creative, and the copyright notice must be displayed on all copies. Copyright protection lasts for the creator’s lifetime, plus an additional 70 years, except for works for hire, which belong to the employer for 95 years from publication or 120 years from creation, whichever is shorter.

Conclusion

In conclusion, understanding the various types of intellectual property can help business owners protect their creative works and inventions that may be essential to the success of their business. While this article only discusses the three most common types of intellectual property, there are other types, such as trade secrets and contracts, that business owners should also familiarize themselves with to protect their businesses fully. Seeking advice from an experienced intellectual property attorney may be beneficial to ensure the proper protection of a business’s intellectual property.