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What New Business Owners Should Know About Intellectual Property

On Behalf of | Jun 25, 2017 | Business Law

There are many things at the top of every business owner’s mind when they launch their company. This may include raising capital, revenue, sales, marketing, getting clients and customers – and rightfully so. There would be no company to manage without revenue. However, intellectual property is among the last things that a start up thinks about and it shouldn’t be.

Many people misunderstand the different types of intellectual property (IP). A trademark is any word, phrase, symbol, or design, or a combination thereof, that identifies and distinguishes the source of the goods of one party from those of others. A trademark allows companies to prevent competitors from using the same or similar looking trademark. Owning trademarks can give a company a significant advantage over competitors in the marketplace. Do a trademark search before you settle on a trade name (company name) and/or logo! Consider professional search services to assist you in narrowing your trademark options and securing trademark protection.

Copyrights protect original works of authorship, such as written works and artwork as well as computer software. Protection automatically vests in the author. A copyright generally gives the creator of the original work exclusive ownership rights to reproduce and distribute his or her work. This instantly gives the owner an advantage as they can present the work publicly and control how the work is redistributed to the public.

Patents can be sought for any new and useful process, machine, manufacture, or composition of matter, or any new and useful improvement thereof. Patents are not automatically issued – you must file an application. In order for your invention to qualify for a patent, you must be able to describe all aspects of your invention. Having a patent can significantly boost a brand’s competitive advantage.

Intellectual property is among the most important and valuable business assets a company can own. Protecting your IP should be a part of your business plan and budget. This is just as important as sales, revenue, marketing, getting more customers, and growing your company.. Contact a knowledgeable Nevada business attorney to address your business’s intellectual property needs.

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