What is Intellectual Property?

Intellectual property rights are rights over the creations of a person's mind. Thus, anything original created by a person belongs to that person. The creations can be artistic or commercial. Some of these subjects include works of music, literature and art, as well as a person’s inventions, discoveries, words, phrases, symbols and designs. Intellectual property types are copyrights, trademarks, patents, industrial design rights and trade secrets.

Some of these intellectual property rights provide the creator(s) (if the work is original) a type of temporary monopoly, encouraging individual development of ideas. At the same time, new creations can build on previous ones once those older patents expire and works enter the public domain.

Industrial design rights may provide protection to the creator of, say, an emblem. These rights protect appearance, style and design. Trade secrets are not for public disclosure and protect commercial practices and/or proprietary knowledge of a business. For example, the formula of Coca Cola is considered a trade secret. Businesses can enforce trade secrets through non-compete agreements and non-disclosure contracts.

If you think you have an original creation, you can use Rocket Lawyer to file your free Provisional Patent Application.

Laws on this topic may vary from state to state. This content is not meant to provide you with complete information and it is not intended to be legal or tax advice. It is recommended that you consult with your own attorney, accountant or other advisor regarding your specific situation.