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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. 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. Believe it or not, there are 4 types of intellectual property and these include copyrights, patents, trade secrets and trademarks. Number 1. Copyright – this is a kind of intellectual property that is protecting original authors of both unpublished and published creations.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. In most instances, the patents can be applied to items such as processes, manufacturing designs, machines, compositions of matter or biological discoveries. Just like copyrights, these patents are available to investors for a particular period of time before it reach expiry. In general, patents are able to last for up to 20 years after the data to which the application for patent is filed.
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Number 3. Trade Secrets – truth is, these are designs, practices, processes, recipes, formulas or even ideas that help a company to have 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. An example for self protection used commonly with trade secrets is by locking pertinent info away in a bank vault. And since these are trade secrets which lack legal protection, anyone can make use of them the moment they got leaked to the public.
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Number 4. Trademarks – these normally include phrases, words, symbols, designs or even devices that are used in line with a certain good or brand to distinguish it from other merchandise of that industry. Trademarks are being used for identification purposes and protected legally as soon as they’ve been registered with the 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. Truth is, this gives any company an edge over its market competitions.