Legal Protection That Your Business Needs
For most people, the first thought they have when someone asks about the property is material or tangible. A piece of land, family heirloom, or gadgets; all of these things qualify as property, true. But there is one other category of non-tangible assets called Intellectual Property (IP) that provide legal protection and is just as important as all other material assets.
So, what does ‘property’ mean in the context of a business? These are intangible business assets that provide a legal guard against fraudulence. There are three types of IP – copyrights, patents and trademarks. All of these protect different other business assets but are remarkably different from one another. Read on to find out more about each of these and why you should consider Intellectual Property licensing.
All about Copyrights and Legal Protection
If you have an original work (content, art, theory, recipe, etc.) to your name, you become the legal owner of this work. Copyrights are the sum total of several legal rights you get if you have produced any original work. It is a set of rights that protect original works fixed in material or tangible expression medium in legal terms.
By becoming a copyright owner, you get several exclusive merits like-
- The right to reproduce all or any part of the work
- The right to distribute your work in the public domain
- The right to showcase your work publicly
Copyrights laws work in bundles, and you, as the copyright owner, can freely decide how you want to commercialize your work. You get the flexibility to sell or sub-license all or part of the work to other parties. In case of a copyright infringement, you use America’s top-notch legal protection services to contest.
All about Trademarks and Legal Protection
‘Finger Lickin' Good’, ‘I’m Lovin’ It’, ‘Just Do It’.
What is the one thing that is common between these random phrases? There are trademarked slogans that represent their respective brands globally. The moment you read or hear one of these, you know someone’s talking about KFC, McDonald’s, or Nike!
In terms of IP, trademarks are words, logos, phrases or names that are unique for a product/service and differentiate it from similar alternatives. These are made famous by consumers themselves or are registered under the Patents and Trademark department, Government of America.
It is essential to register your brand under trademark laws to avoid unnecessary competition from copies of your product or service. The trademark rights allow you as the trademark owner to seek legal protection and sue anyone who is infringing your rights.
All about Patents and Legal Protection
A patent is very similar to a copyright because it confers legal rights and benefits to the creator. The main difference is that patents are for inventions while copyrights are for original pieces of work. There are several types of patents depending on the very nature of the invention. A patent is issued for a fixed time (20 years at present), after which you need to renew it.
By exercising patent rights, you as the patent owner can monetize your invention as per will. If your patent rights agreements fail, you can seek legal assistance to recover any losses.
Which is the Right IP Law for your Business?
All three types of Intellectual Property rights essentially do the same thing – safeguard what is yours against theft or forms of business fraud. Now, to determine which IP you need for your business (and you might require more than one), it is essential to understand what you are trying to protect. You can always consider getting your brand trademarked if you have a sizeable consumer base and are worried about cheap substitutes swaying your customer base.
You are an SME or an artist, consider filing for copyright ownership so that you get the required legal protection against theft of original work.
Summing Up
It doesn’t matter which IP law you choose, as long as you know the nuances of your legal rights. Intellectual Property is often more valuable than all other material assets you have. So, register for legal protection and safeguard your treasured asset.