The term “intellectual property” may sound difficult and complicated, but the fact of the matter is that many businesses deal with intellectual property (also known as IP) every day. In some cases, it may even be the most valuable part of a company’s assets. But what exactly is intellectual property, and why might it matter to your business?
What is Intellectual Property (IP)?
Broadly speaking, intellectual property refers to any type of asset that is the result of creativity or ingenuity, and which exists primarily as an immaterial object. There are three general categories of intellectual property, which are divided as follows:
- Copyrights: This includes art, music, writing, or anything else that you have the exclusive right to produce or reproduce.
- Trademarks: These are specific words, pictures, or phrases associated with your business or products, which you alone are allowed to use.
- Patents: These are specific designs for inventions that you have researched and developed, and which you have the exclusive right to manufacture or sell.
What Types of Things Count as IP?
There are a wide variety of things that may qualify as intellectual property. These may include, but are not limited to:
- Art, including drawings, paintings, sculptures, or animations
- Writing, including short stories, essays, novels, or scripts
- Music, including individual songs, albums, and jingles
- Brand names associated with your company’s products
- Logos used on products or in marketing materials
- Slogans used in advertising or marketing
- Blueprints or design documents for products your company produces
- Software programmed by your company
How Can Someone Violate IP Law?
Generally speaking, when people are accused of violating intellectual property law, it is because they allegedly have used someone else’s materials without permission. This could mean using copyrighted material without an appropriate license, or creating a logo or brand that is overly similar to an existing company’s products. It could also mean producing a patented product without the patent owner’s permission, or creating a product that copies major elements of another product’s design.
How Can You Avoid These Types of Problems?
Avoiding legal battles over IP requires carefully crafting licensing agreements, and ensuring they are adhered to as much as possible. This can ensure that no intellectual property is used without the permission of its owner, and any violators can be halted with a minimum of fuss. That is why you should speak to a lawyer with experience handling licensing agreements and other aspects of business law, who can ensure you face as little trouble as possible with your valuable IP.
If you have a business law issue, give the Law Office of Andrew Ross Sack a call. Andrew Ross Sack is a New York and New Jersey business lawyer who has considerable experience in handling the many aspects of business law. To schedule a consultation with New York City/Long Island/Westchester business lawyer Andrew Ross Sack, call (516) 526-3319 or visit his contact page.
