Intellectual property can be regarded as a form of property ownership that can primarily relate to the creations of the mind. This can include artwork, music, literature, brands and other inventions. Even a small startup business can have intellectual property rights on assets such as its business brand name, company website, photos, videos, or other proprietary documentation.

The Four Main Categories of Intellectual Property

Intellectual property, or IP, can include copyrights, trade secrets, trademarks, or patents. Any of these categories of intellectual property my need to be registered with the government as well as be owned as property by a business or individual.

Owners of an IP can freely exploit the property for their own private and economic purposes. Owners can also license the property rights to other parties. The first step in determining intellectual property ownership is to determine what rights exist. Once IP rights have been established, the next critical step is protecting those rights through the registration of the property or through other legal procedures. Finally, understanding how to monetize the property can be the key objective of most intellectual property owners.

The following is a brief overview of the four main categories of intellectual property:

1. Copyrights

According to the U.S. Copyright Office, a copyright serves to protect original works of authorship, which includes dramatic, musical,  literary, as well as artistic works like novels, poetry, songs, movies, architecture, and computer software. A copyright, however, will not protect ideas, facts, methods of operation, and systems.

A copyright does not need to be registered as it is created the moment the work has been created. The creation will need to be registered in the event that the property owner seeks to file a lawsuit for the infringement of the work. Registration of the property can also be recommended for a variety of other reasons.

2. Trade Secrets

A trade secret can consist of information such as a pattern, formula, program, compilation, device, process, technique, or method. Protection to a trade secret is very limited; trade secret holders are generally only protected from the unauthorized disclosure and if the information is independently discovered, the protection is essentially lost. Until its discovery, a trade secret does not have an expiration. Often trade secret is used as an essential component of a blended corporate IP protection framework. If addition to a potentially perpetual life trade secrets depend upon vigilant enforcement, so if a trade secret is breached, the courts typically provide injunctive relief to quickly address and stop that continued misuse.

3. Patents

Patent protection is a complement to trade secret protection. A patent will require the property creator to provide a detailed disclosure of the invention in exchange for the right to exclude other parties from using the invention. Patents offer protection for a limited period of time. While patent protection expires, they can offer protection against the independent discovery of the invention. Patents eliminate the need to maintain sensitive information secrecy on the invention. Patents must be filed within a year of when the invention is first commercially offered, they must also meet a more rigorous legal threshold of being, new, useful and unobvious before the patent is granted. In addition, patents are more susceptible to challenge than other forms of Intellectual Property protection. If you can demonstrate that a similar work or the invention was published prior to the date the patent issued, you can have the patent overturned. Inventors often file a low cost Provisional Patent that protects the invention for 12 months while they prepare their non-provisional (standard) patent application.

4. Trademarks

A trademark, or service mark, is a brand name that may include any name, symbol, word, device or combination used to distinguish the services of one party from those of other providers. Federal registration of a trademark is not mandatory, but it does offer various advantages.

Hire the Legal Support of an Experienced Intellectual Property Attorney

Registering an intellectual property is the first critical step in protecting an asset but it is not the only step needed to defend one’s property. Because intellectual property rights are the core assets of any business, it is essential to have a skilled intellectual property attorney find the right solutions that match the property owner’s needs. If you have any questions regarding which form of intellectual property protection is best for you and your assets, seek the legal support of a proficient attorney.

Attorney John P. O’Brien has extensive experience in branding, licensing, and other intellectual property transactional matters. He has helped many clients obtain trademarks and patents from a wide variety of technologies. For technology based services, seek the support of a skilled and proficient law firm today.