Business Law: Understanding Intellectual Property

Understanding Intellectual Property in DenverIf you are a small business owner and you have a unique product or service to share to the world, you may want to familiarize yourself with intellectual property rights laws. While different countries and jurisdictions will have varying interpretations of what constitutes intellectual property, they all agree that whoever holds the original product or service has all the rights related to its use.

What is Intellectual Property?

Whenever you create something, you observe a process that involves discovery, testing, and re-testing. This is even before you can effectively put your invention–product or service–in the market. The entire process of creating, developing, and producing innovative products and services involves the use of your innate cognitive abilities that can never be bought nor manufactured elsewhere. This makes the product or the service an intellectual property.

How about Intellectual Property Laws?

Different jurisdictions will have different parameters when it comes to intellectual property laws. Nonetheless, they are generally focused on patents, trademarks, and copyrights.

Patents

When you apply for a patent, you have the exclusive right to whatever you have invented or designed. You have the right to get a business lawyer and sue individuals or entities that made a copy or created another system or invention that’s exactly the same as yours. In one word, patent is all about exclusivity. As the patent is a property right, you can sell or rent it. In some cases it can also be inherited and, unfortunately, taxed. As M-S-Lawyers.com says, a Denver business lawyer can better explain your rights to your patent.

Trademarks

If you create a symbol, phrases, words, logos, designs, or even sounds that best represents your brand, it is your trademark. Examples will be McDonald’s classic “M” logo, Apple’s iconic bitten apple, or even the Marlboro jingle. They are exclusively the intellectual property of these companies. If you have a unique branding scheme, that should be your trademark.

Copyrights

If you are a writer or an artist, the kind of intellectual property you will have is a copyright. These pertains to intangible property that may be translated into tangible forms, such as books, comics, infographics, images, sculptures, videos, computer programs, and music. Now that you have an idea of what the most common intellectual properties are, you can effectively decide which one you can categorize your product or service to. It is your right, after all.