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4 Types Of Intellectual Property It is crucial that you familiarize yourself with what’s known as intellectual property, if you’re thinking of starting a new business or currently have one. The truth is, this is a phrase that is used in describing legal rights to which people have a hold over creations of the mind like writing, works of art, designs, music, ideas, choreography or inventions. As a matter of fact, there are 4 major types of intellectual property and these are copyrights, patents, trade secrets and trademarks. Number 1. Copyright – in this type of intellectual property, it is used to protect the original authors of both unpublished and published creations.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 – these are basically legal property rights that are applied to the inventions as opposed to works of any type 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. Much like copyrights patents are available as well to investors for 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. Most of the time, trade secrets are hidden by a person’s own means in comparison to being protected through government policies like copyrights or patents. To give you an example for self protection used often with trade secrets, it can be done by locking pertinent info away in a bank vault. Because trade secrets are lacking of legal protection, the moment they got leaked to the public, anyone can use them.
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Number 4. Trademarks – usually, these are including phrases, words, symbols, designs or even devices used in line with a certain brand or good to distinguish it from other merchandises of that particular industry. Truth is, trademarks are used for identification purposes and protected legally the moment they have been registered with US Patent and Trademark Office. Whether you believe it or not, many people are not aware of the value as well as the presence of these assets because it compose of expertise, knowledge, now-how that only high qualified employees have. Truth is, this gives any company an edge over its market competitions.