A patent is a form of protection which is an exclusive right granted for an invention, product, or process that generally presents a new way of doing something or a new way of solving a problem. In order to obtain patent protection, technical information about the invention must be disclosed to the public through a patent application filed to the U.S. Patent and Trademark Office. This grants the patent owner the right to prevent their invention from being exploited by others who want to make, use, distribute, import, or sell it without consent.❂ Like everyone else, businesses and their owners must follow the local, state, and federal laws. If or when they don’t, they are considered “non-compliant” which can lead to a host of consequences, such as:

Patents are the most complex and difficult form of IP protection to obtain, and it can take more than two years from the filing date to be issued. Most business owners apply for a type of patent called a utility patent. Some common types of inventions that would call for a utility patent would be:

❂  A process or method
❂  A machine
❂  An article of manufacture
❂  A composition of matter
❂  An improvement of an invention that fits in one of the above categories

Trademarks are a form of IP protection reserved for brands, which include their logos, slogans, and company names, and protect them from being imitated. To trademark your business mark and obtain commercial rights, all you have to do is be the first to use it. You can also register your trademark through the U.S. Patent Trademark Office for additional protection.

A copyright protection is intended to give rights to the creator of an original work. The creator must file for protection through the U.S. Copyright Office, which is run through the Library of Congress. Once approved, the original work may not be printed, published, performed, filmed, recorded or used in any way without authorization from the creator. A copyright can protect:
‍
❂  Literary works like books, newspaper articles, speeches, and poems
❂  Musical pieces such as lyrics and songs
❂  Dramatic pieces like plays and musicals
❂  Choreography
❂  Pictures, graphics, and sculptures
❂  Audiovisual works
❂  Architecture

Finally, you may wish to protect a trade secret. A trade secret is any information pertaining to your business that should remain confidential due to the commercial value that it generates. You’ve probably even recently enjoyed the most famous of all trade secrets in existence right now: the recipe for Coca-Cola! While there are legal options for anyone looking to protect a trade secret and keep it out of the hands of competitors, the company and its employees play a crucial role in safeguarding them. Some ways you can ensure your business’s secrets are kept are to closely monitor information storage, secure your online platforms and computers, and limit public access to the company.

While business law and employment law are not the same field of legal practice, a business attorney can still ensure that you are running your business in a way that minimizes your chances of an employee filing a civil suit against you or your company. The most common disputes are typically over unfair practices, contract violations, workplace discrimination, and safety hazards.
‍
No matter how small or large your business is, there are 3 reasons why protecting your intellectual property should be one of your top priorities:
‍
1 - Your intellectual property has value. If you’ve worked tirelessly to create a new product or discover a more efficient way of doing something, you should be the one benefitting from that ingenuity. If you leave your creations up for the taking, they will be taken! Not only does IP protection keep them safe, but leads to consequences for anyone who tries to steal them. For example, they could be forced to pay you any profits they’ve made from your protected property.

2 - If everyone has it, it’s not special anymore. It sounds harsh to say, but it’s true: why would a person choose to drink Coke as opposed to a generic-brand cola? Because for over 100 years, the well-protected recipe for this classic American drink has not been able to be replicated. The lesson every business owner can learn from The Coca-Cola Company is that when you have something that no one else has, you keep it to yourself!

3 - You can build your reputation and establish your reputation. Protecting your IP is especially important if your business is new and you are still trying to build your brand, build your customer base, and secure investments or partnerships. By establishing ownership of your intellectual property, you can prove the legitimacy of your business and build trust with your stakeholders.

One of the most important ways you can take proactive measures to protect your intellectual property is to obtain experienced and knowledgeable legal guidance. An attorney will be able to implement legal tools to keep IP confidential in a cost-effective way. Some of those tools might be:

❂  Non-Disclosure Agreements (NDAs) – a document to be signed by an individual who agrees not to share confidential information either accidentally or intentionally

❂  Employment agreements – a document to be signed by a new employee who might contribute to the company’s IP that clearly defines the company’s stance on IP ownership and confidential information they might handle during their time at the company

❂  Invention Disclosure Records – confidential documents written by the inventor or creator which detail how the product or machine is built and how it solves a particular problems

Our knowledgeable team of business attorneys have over 20 years of combined legal experience and have helped countless business’ owners run a more profitable company. Call today to schedule a free consultation where we can discuss your concerns, as well as your goals. Don’t wait until tomorrow to get honest and dependable guidance that could make your business thrive today!