What is intellectual property?

As previously mentioned, a business’s brand in everything. It is what connects the business to the general public and what really helps the company flourish. Any damage caused to a business’s brand could harm their reputation and even the ability for it to remain in business. Because of this, businesses in New York and elsewhere should take steps to protect their brand by protecting their intellectual property.

What is intellectual property? Generally, this is property of a company that involves images, ideas, concepts and even the arrangement of words. When a business designs a product, a patent is usually established. The possessor of this patent has the ability to protect this design or idea. The business may sell or license their patent to others; however, the holder of a patent is able to sue those that use their patent without permission.

Copyrights are used to protect intellectual property. This is a form of federal protection that provides the creator of original works, including books, movies, music recordings, software, photographs and other similar works. However, copyrights do not protect beyond the actual work being protected. This means that it cannot stop others from making original works that are based on the same topic or genre.

Trademarks also fall under the category of intellectual property. These are used to identify and even promote the goods or services of a company. Trademarks help a business distinguish themselves from other goods and services in the market. They can take the form of words, symbols and even devices. Take for example a soda can. We know what company and flavor a soda is based on the design on the can. If another soda company uses a similar image, this would be considered trademark infringement.

Businesses are faced with a lot of competition and have to take steps to ensure they stand out amongst other companies. Because of that, many steps are taken to protect their brand. Whether you are dealing with patent issues, trademark infringement or copyright infringement, it is important to understand how best to deal with this business law issue while protecting your business’ rights and interests along the way.

Source: Findlaw.com, “Intellectual Property,” accessed Dec. 31, 2017