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4 Types Of Intellectual Property 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. 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. 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 Copyright – this is a kind of intellectual property that is protecting original authors of both unpublished and published creations.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. 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 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. In most instances, trade secrets are hidden by the person’s own means not like being protected through government policies like copyrights or patents. As an example with regards to self protection, it is used commonly with trade secrets by locking pertinent info 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 – 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. 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. Truth is, this gives any company an edge over its market competitions.