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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. This is basically a phrase that’s used to describe some legal rights in which people have a hold over creations of the mind like writing, works of art, designs, music, ideas, choreography or inventions. In reality, there are 4 different kinds of intellectual property and these compose of copyrights, patents, trade secrets and trademarks.

Number 1. Copyright – this is a type of intellectual property that protects original authors of both unpublished and published creations. As for the rights of these works, it remains only to the passion of the creator for a certain period of time under copyright law. By the time when the time period elapsed, these works are going to be open for republication and reproduction.

Number 2. Patents – basically, these are legal property rights applied to the inventions compared to the works of any kind of literacy or art and they should be distributed by the US Patent and Trademark Office. Most of the time, patents are applicable to items like processes, manufacturing designs, machines, compositions of matter or biological discoveries. Similar to copyrights, patents are also available to inventors for a set period of time before it expires. In general, patents could potentially last for up to 20 years after the date to which the application for patent is filed.
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Number 3. Trade Secrets – these are basically designs, practices, processes, recipes, formulas or even ideas used by a company that enables it to gain leverage in the industry. In most instances, trade secrets are hidden by the person’s own means not like being protected through government policies like copyrights or patents. An example for self protection used commonly with trade secrets is by locking pertinent info away 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. Truth is, trademarks are used for identification purposes and protected legally the moment they have been registered with US Patent and Trademark Office.

As a matter of fact, most people are unaware of the value and presence of having such assets as these comprises of expertise, knowledge, now-how that only high qualified employees have. Basically, having such gives a company the edge over its competition.