The term Intellectual Property (IP) introduces to a number of rare kinds of creations of the mind for which a number of unique rights are recognized. Owners are given clear cut, unique rights to a host of intangible assets, which can be literary, artistic or musical works, sports, discoveries, inventions, designs, symbols, words, and even phrases. A few examples of ordinary kinds of intellectual property are trademarks, copyrights, patents, and trade secrets. Intellectual property rights are more significant since they guard the rights of the owners of intellectual property to make money from their own created property, thus challenging others to come up with intellectual property of their own.

Trademarks

Trademarks are unique symbols or signs that individuals, an organisation, or other legal entities use. They use these unique symbols or signs to broadcast their services or products to the consuming public that are joint with the trademarks stem from a distinctive source. Trademarks are also used to distinguish services or goods from those of other legal entities. Trademarks are generally labeled by three different symbols based on whether they are unregistered, registered, or simply unregistered service marks. If trademark violations occur, owners of a registered trademark have the option of registering a lawsuit to clear off any unauthorized usage of the trademark the owner owns. Generally, trademarks can be symbols, logos, names, phrases, words, images, designs, or even a mix of any of these elements.

Copyright

A copyright is the best thought of as a group of unique rights that are bestowed upon the creator of an original work. This includes the transformation of the work, the circulation of the work, and the actual copying of the work. It is very important to comprehend that a copyright does not guard the ideas, but only their expression. Owners of copyrights have unique rights to copy and other advantages of their work, but only for a limited period of time, after which the copyright expires, bringing the work into the public domain. At the beginning, copyright law was only applicable for books, but this soon continued to derivative works and other translations. Today, a copyright is applicable to a big variety of works like music, maps, paintings, dramatic works, sound recordings, photographs, computer programs, and motion pictures.

Trade Secret

A trade secret can be a practice, process, formula, pattern, design, or a compilation of information which is not well-known or possibly attainable. A trade secret is also generally something by which an organization can get an economic profit over its competitors or its consumers. Two other expressions for trade secrets are classified information and confidential information. The significant part of a trade secret is based on these three factors. The three factors are the secret information which is not generally available to the general public, the broadcasting of a kind of economic profit to its share holders, and being subjected to demonstrable efforts to have its mystery maintained. Companies can guard themselves from their trade secrets being compromised by ensuring they have non-disclosure or non-compete provisions with their employees.

Patent

A patent is characterised as a group of unique rights that a national government delivers to either an inventor or whom the owner has assigned for a limited period of time, provided that he publically admits the invention. In most cases, an application for a patent has to include a claim that characterizes the invention. Invention has to be industrially applicable, useful, new, useful, and non-obvious to the general public. Patent rights means that other people are not allowed to use, make, sell, or distribute the invention without any prior permission of the inventor or the owner. If a current patent happens to fall within the range of an earlier patent, then that proprietor does not have the exclusive rights to use the patented invention.