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Different Types Of Intellectual Property If you think of starting a new business or has one currently, then it will be important that you make yourself familiar with what is known as intellectual property. 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 Copyright – in this type of intellectual property, it is used to protect the original authors of both unpublished and published creations.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 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 – 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. Patents most of the time are applicable to items similar to processes, manufacturing designs, machines, compositions of matter or biological discoveries. Just like copyrights, these patents are available to investors for a particular period of time before it reach expiry. 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. Trade secrets most of the time are hidden by a person’s own means when compared to 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. 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 being used for identification purposes and protected legally as soon as they’ve 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. Having such basically gives a company an edge over its competition.