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What is Intellectual Property?

8/28/2018

5 Comments

 
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What is intellectual property?
 
“Intellectual” property refers to creative works used in business that have economic value.  The four most common types of intellectual property (“IP”) are trademarks, copyrights, patents, and trade secrets.  Trademarks protect words, names, symbols, and logos that are identified with a brand; copyrights protect artistic works like books, music, and photographs; patents protect inventions; and trade secrets are property that are valuable and have been kept secret and out of the public domain.
 
We’ll be starting a series explaining each of these types of property in detail over the next few weeks.  As the word “property” signifies, intellectual property is an asset. Thus, it is important for both business planning and estate planning.  In the business context, it is crucial to determine who owns the IP.  Is it the individual who brought it into the business (and will take it with them when they leave) or does the business itself own it?  If there is a possibility for litigation, it may be worthwhile to form a separate LLC to own IP so the other business assets stay separate and protected.  Next time you look at fast food packaging, you’ll probably see that the company’s trademarks are owned by a separate business.
 
For estate planning purposes, we want to know about IP just like any other asset – how much is it worth?  Who inherits it?  So make sure to share this information with your estate planning attorney.
 
The next blog article will go into trademarks.  Stay tuned!
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5 Comments
Zachary Tomlinson link
2/26/2020 04:22:38 pm

Thanks for helping me understand what intellectual property is and how it works. I like how you elaborated that it's important to determine the owner of the IP to avoid any issues. I learned about the term when I was watching a movie about a company that stole someone's idea and I now realize that an idea, in that case, is their intellectual property.

Reply
Laurence George link
3/26/2020 04:00:46 am

Great post!!
Thanks for sharing this post here with us. I have gained a lot of information from this blog.

Reply
Shaylee Packer link
7/1/2020 09:43:08 am

As you mentioned, intellectual property is creative works used in business that have economic value. Would this include processes and the way things are done? My brother has created a few processes for the company he works for, and he wants me make sure they stay secure and don't go to other companies.

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Mia Evans link
5/24/2022 09:18:45 am

It's interesting to know that intellectual property would be an asset that must be protected both for business and estate planning purposes. I guess hiring intellectual property attorney services would be vital to understand more about this aspect. It will give the owner the best outcome regarding what they need to protect, especially when they invested most of their funds for such assets.

Reply
Kelly Jesson
5/31/2022 03:22:04 pm

Mia, thank you for your comment.

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  • Home
  • Practice Areas
    • Wills and Trusts
    • Business Law & Litigation
    • Construction Contracts and Litigation
  • Team
    • Edward Jesson - Attorney
    • Kelly Rains Jesson - Attorney
    • Danielle Nodar - Associate Attorney
    • Sue Lambert - Office Manager
    • ​Ashley Deese ​- Paralegal
    • Shayla Martin - Legal Assistant
  • News & Blog
    • COVID-19 Resources
  • Contact
  • Testimonials
  • Free Resources
    • Business Resources
    • Estate Planning Resources
    • Probate Resources