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Intellectual Property Services

 

What is Intellectual Property?

In many businesses, intellectual property safeguards more than just an idea or a concept as it protects genuine business assets. Unlike physical business assets such as computers or office space, intellectual property is a collection of ideas and concepts. In other words, it is the ownership of ideas.

 

What are the different types of Intellectual Property?

According to Meriam Webster, Intellectual Property (IP) refers to property (like idea, invention, or process) that derives from the work of the human mind or intellect as well as an application, right, or registration relating to this. Simply put, intellectual property means whatever creation of the human mind [for which exclusive rights] is recognised.

There are different types of intellectual property:

1. Copyrights

Copyright protects the exclusive right of authorship such as a book, music, a scientific publication or artistic works. The copyright rests with the creator because the creator has exclusive rights to modify and exploit the work.

2. Patents

A patent is a property rights on an invention and it is granted by the government to the inventor. In other words, a patent grants the owner of the patent holder [who is usually the inventor] to exclude others from using the invention. There are three types of patents: utility, design, and plant.

3. Trademarks

Trademark refers to a sign (which is usually a word, phrase, symbol, or design) that is capable of distinguishing the products or services of one enterprise from those of other enterprises.

4. Trade Secrets

A trade secret is information (a formula, process, device, or other business information) that is important to the business [or company] and is kept private. It is a term often used to cover information that has commercial value.

 

What is Intellectual Property Service?

Intellectual property, for example, patents, copyright and trademarks, is protected by law and such law protection enables people to earn recognition or financial benefit their own invention or creation.  In this regard, intellectual property services involve services provided, or to be provided to any individual, by the holder of intellectual property right, in relation to intellectual property right. Yet, services like registration for intellectual property (like trademark registration, copyright registration and etc.) are not categorised as intellectual property services.

 

Why Do You Need Intellectual Property Services?

Though intellectual property seems intangible, it is important to businesses as they can be financially exploited [just like physical property], and they can be sold or licensed. Every business possesses intellectual property whether they are aware of it or not. Here are some reasons why a business needs intellectual property service.

1. Protect your ideas and inventions.
2. Earn the royalties of your idea by licensing it.
3. Exploit it through strategic alliances.

It is very important for businesses of all sizes to protect any unique products or services. If you want to know more about intellectual property, 3E Accounting has good resources and affiliated lawyers to give you a greater understanding of which intellectual property protection is most suitable to help your business succeed, and how to go about it. Contact us today to learn more about intellectual property and how could you safeguard your ideas and inventions.