Intellectual property is a property right in the “products of the mind” and can be classified as a patent, trademark or copyright. Entrepreneurs should seek advice on intellectual property to protect their interests, assess the need to register certain intellectual property, and evaluate intellectual property before selling assets. Intellectual property counseling can determine whether a business is infringing on the intellectual property of others and whether to register intellectual property with the appropriate agency. Intellectual property consultancy can assess the value of such property prior to sale.
Intellectual property is an immaterial property right in the “products of the mind”. Depending on the type of intellectual property, it can be classified as a patent, trademark or copyright. The laws and economics surrounding these rights can be complex, so it is often necessary for an entrepreneur to seek advice on intellectual property to protect their interests. Intellectual property advice might be about assessing the need to register certain intellectual property with the appropriate agency or the risk of infringement of a company’s existing property. In addition, a particular entity’s intellectual property may be evaluated through intellectual property consulting before selling those assets.
The type of intellectual property advice you should seek depends heavily on the type of intellectual property you are considering. Patent refers to the property right in certain processes or an invention. Copyright is a property right in a creative work, such as an image or writing. Trademark refers to the use of certain identifying marks in the marketing of a product or service.
One of the primary forms of intellectual property counseling is to engage an expert to determine whether your business is infringing on the intellectual property of others. For example, a business owner may consult an attorney regarding their website’s compliance with copyright law. The attorney should then consult the website along with the source of all potentially copyrighted material as provided by the business owner and assess whether or not the business owner is at risk of infringing on another’s copyright.
Another type of intellectual property advice is to determine whether or not the business owner should register his intellectual property with the appropriate agency and the risks of not doing so. In general, this is a job suitable even for a lawyer who understands intellectual property laws. For example, a business owner may be concerned about the use of his company’s logo. He or she can hire an attorney who weighs the risks and benefits of registering that logo with the appropriate trademark office and explains the process of doing so along with the accompanying costs.
Intellectual property consultancy may also be conducted for the purpose of assessing the value of such property prior to the sale. A common example of this is when a company that holds a patent catalog is considering selling part of this catalog. Typically, the consultancy requires an industry expert who specializes in such valuation to conduct the valuation and provide the company with a point of reference to determine the appropriate price at which to sell its patents.
Protect your devices with Threat Protection by NordVPN
