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Types Of Intellectual Property You Should Be Aware Of If you’re thinking to start a new business or currently own one, then it is crucial to familiarize yourself with what’s known as intellectual property. Basically, this is a phrase that is used to describe legal rights in 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 Copyright – this is a type of intellectual property that protects original authors of both unpublished and published creations. The rights of these works solely remain to the passions of the creator for the specified period of time under the 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. Similar to copyrights, patents are also available to inventors for a set period of time before it expires. Generally speaking, patents can last for up to 20 years after the date in which the application for patent is filed.
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Number 3. Trade Secrets – these are designs, practices, processes, recipes, formulas or even ideas that are used by a company that lets it 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. An example for self protection used commonly with trade secrets is by locking pertinent info away in a bank vault. But the moment they are leaked to the public, anyone can make use of them as these trade secrets are lacking of legal protection.
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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. Trademarks are used for identification purposes and protected legally by the time they have been registered with the 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.