Intellectual property is a number of distinct types of legal monopolies over the creations of the mind, both commercial and artistic and the corresponding fields of law. Owners are granted certain exclusive rights to a variety of intangible assets such as literary, musical and artistic works, ideas, discovers and inventions, words, symbols, phrases, designs and symbols. The common types of intellectual property include trademarks, patents, copyrights, industrial rights and trade secrets in some jurisdictions.
Copyright
Copyright laws protect artistic creations such as books, music, movies, paintings, software and photographs. You do not obtain the rights for ever, usually for 50 to 100 hundred years, after which point your work is said to enter the public domain.
Trademarks
A trademark is a sign, which is used to identify a service or product to consumers as originating from a unique source and to distinguish that product or service from other entities. Typically, a trademark is given to a name, phrase, word, logo, symbol, Image, design, or combination.
Patent
A patent is set of exclusive rights, which are provided by a state to an inventor in exchange for a disclosure of an invention. The patent provides the inventor the right to exclude others from using, making, or selling that invention. The right is for a limited time and usually lasts for 20 years after the filing date.
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Industrial Design Rights
Industrial design rights are a set of intellectual property rights, which protect the visual design of objects. The creation of shape, configuration or composition of pattern or color, combination of pattern and color containing aesthetic value constitutes an industrial design. The industrial design rights last for fourteen years.
Trade Secret
A trade secret is a formula, instrument, design, practice, process, pattern or compilation of information which is not normally known or reasonably ascertainable. Additionally, a business should be able to obtain an economic advantage over competitors or customers by keeping this information private.
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