231 Law

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Types Of Intellectual Property You Should Be Aware Of 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. In reality, there are 4 different kinds of intellectual property and these compose of 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 Copyright – in this type of intellectual property, it is used to protect the original authors of both unpublished and published creations. The rights of these works remain only to the passions of the creator for specified period of time under copyright law. As soon as the time period elapsed, then these works will be open to others for republication and reproduction. Number 2. Patents – in reality, these are legal property rights being applied to the inventions than the works of any type 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. Similar to copyrights, patents are also available to inventors for a 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 – 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. 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. 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 – normally, these include phrases, words, symbols, designs or even devices used in line with a certain good or brand to be able 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. Believe it or not, many people are not aware of the value and the presence of these assets because it comprises of expertise, knowledge, now-how that only high qualified employees have. Basically, having such gives a company the edge over its competition.