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Intellectual Property for Business Owners – 10 Things You Should Know

September 30, 2019 By Kelley Keller

Intellectual Property for Business Owners – 10 Things You Should Know

Your business has intellectual property made up of your collective ideas, innovation, and intelligence. Your intellectual property can include trade secrets, trademarks, copyrights, and patents.

There is no arguing the fact that intellectual property has value. A trade secret like the recipe for Coca-Cola can give a company a competitive advantage that lasts for a very long time. For example, a product with the Louis Vuitton logo on it can sell for a much higher price than a product of equal quality that does not have that LV logo on it.

Unfortunately, every business will face issues related to intellectual property at some point during their lifecycles. The question is how those issues will affect your business.

Education is the first step to protecting your business’ intellectual property and deriving value from it in the form of competitive advantages and profits. As a first step to educating yourself, review the 10 things every business owner, every business leader, and every business employee should know about intellectual property discussed below. Ultimately, every employee plays a part in building, protecting, and exploiting the value of your intellectual property, so make sure they understand these 10 things, too.

1. Intellectual property rights are exclusive.

Intellectual property rights give you the right to exclude others from profiting from your creations. If you won’t (or don’t) enforce your right to exclude, there is no use in securing legal protection for your inventions, creative works, and brands.

2. Intellectual property rights are territorial.

U.S. law only protects intellectual property in the United States. You have to protect your rights in each country where you’re doing business.

3. Copyrights must be enforced.

You don’t need to register your copyright to own it, but you do need to register your copyright in order to enforce it.

4. Innocent infringement is as actionable as intentional infringement.

You can infringe on someone else’s patents, trademarks, and copyrights even if you didn’t realize you were doing it. Innocent infringement is as actionable as intentional infringement. The onus is on you to understand the law just like other laws. If you get pulled over for a traffic violation, saying you didn’t know the law won’t get you out of a ticket. It works the same way with intellectual property.

5. Owner vs. author must be clearly established.

Make sure appropriate contracts are in place to clearly identify who owns what work and creations. Follow the link to learn more about how owner vs. author affects intellectual property and your business.

6. Corporate names are not the same as trademarks.

Clearing your company or corporate name is not the same as or a substitute for clearing a trademark. Follow the link to learn more about trade names vs. trademarks and how it affects your business.

7. Timing is critical.

Your legal rights are greatly affected by the timing of filing your trademark, copyright, and patent applications. This is where an intellectual property attorney can save you time, money, frustrations, and even heartache. For example, follow the link to learn how timing affects patents and your ability to protect your inventions.

8. Copyright and trademark symbols must be used correctly.

The copyright symbol can be used without a registration as can the TM and SM trademark symbols, but the encircled R trademark symbol cannot be used unless a trademark is federally registered. Follow the links to learn more about copyright symbols and trademark symbols.

9. It’s never too early to protect your business’ trade secrets.

Your business could face expensive and possibly business-ending disasters if you don’t protect your trade secrets as soon as possible. Follow the link to learn about the business disasters you could face if you don’t protect your trade secrets.

10. Intellectual property has a lifespan.

Intellectual property doesn’t last forever. Copyright protection lasts for the life of the author or creator plus 70 years. Patents are valid for 20 years from the date of filing. Only trademarks can be protected forever but only if they are in commercial use.

About Kelley Keller

Kelley Keller, Esq. is an intellectual property (IP) attorney, speaker, and educator with two decades of experience in the IP field. She works with individuals and businesses in a wide variety of industries helping them transform their ideas, knowledge, and innovation into valuable business assets that drive profits. Kelley offers education to established businesses, startups, entrepreneurs, corporate executives, non-profits, government agencies, legal professionals, and students about starting and growing a business as well as about IP, social media law, and the importance of protecting valuable brand assets and creative work.

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What People are Saying about Kelley Keller

Lisa Frederiksen | Author, Speaker, Trainer, Consultant at BreakingTheCycles.com

Kelley works differently. After an initial phone conversation (I live in CA and she's in PA), she drafted a scope of work for both efforts and set a flat fee which included (and still includes) the back and forth conversations a client needs in order to get the best results. She is extremely knowledgeable and truly able to "hear" what I'm after and create meaningful legal documents and advice that have helped me immeasurably. I highly recommend Kelley Keller.
2016-04-23T10:27:42-05:00
Kelley works differently. After an initial phone conversation (I live in CA and she's in PA), she drafted a scope of work for both efforts and set a flat fee which included (and still includes) the back and forth conversations a client needs in order to get the best results. She is extremely knowledgeable and truly able to "hear" what I'm after and create meaningful legal documents and advice that have helped me immeasurably. I highly recommend Kelley Keller.
http://kelleykeller.com/testimonials/lisa-frederiksen/

Kelly Phillips Erb | Senior Editor at Forbes

Kelley was able to explain complicated legal issues in a manner that was easy to understand without being patronizing. She was also great at talking me down from ledges - it was easy to get worked up when opposing parties weren't being cooperative but Kelley advised me to trust in the process and she was right.

Kelley explained my costs and options, as well as the pros and cons of each. She also kept me informed about my matter, letting me know what I needed to do at the appropriate time. All in all, I felt very involved in the process without being overwhelmed. Kelley made a wildly stressful situation so much better. I would highly recommend her services.
2016-04-23T10:42:43-05:00
Kelley was able to explain complicated legal issues in a manner that was easy to understand without being patronizing. She was also great at talking me down from ledges - it was easy to get worked up when opposing parties weren't being cooperative but Kelley advised me to trust in the process and she was right. Kelley explained my costs and options, as well as the pros and cons of each. She also kept me informed about my matter, letting me know what I needed to do at the appropriate time. All in all, I felt very involved in the process without being overwhelmed. Kelley made a wildly stressful situation so much better. I would highly recommend her services.
http://kelleykeller.com/testimonials/kelly-phillips-erb-senior-editor-forbes/

Charlotte Avery | CEO at Being Charlotte Avery

Words cannot express how much I appreciate Kelley Keller. She has helped me and my business on so many levels. Whenever I have a question I always know that I can call her and she will give me the best advice/counsel. I know that my business is in good hands with Kelley.

Kelley, THANK YOU for EVERYTHING!!!
2016-04-23T10:46:03-05:00
Words cannot express how much I appreciate Kelley Keller. She has helped me and my business on so many levels. Whenever I have a question I always know that I can call her and she will give me the best advice/counsel. I know that my business is in good hands with Kelley. Kelley, THANK YOU for EVERYTHING!!!
http://kelleykeller.com/testimonials/charlotte-avery-ceo-charlotte-avery/

Ruth Koup | Founder of Suits to Careers, Inc., Dress for Success South Central PA & Tied to Success

Kelley Clements Keller, Esq has been a huge support to the launch of our new umbrella organization, Suits to Careers, Inc. and the branding and trademarking of our men's program, Tied to Success. We could not have navigated this transition without her support. Many thanks.
2016-04-23T10:49:27-05:00
Kelley Clements Keller, Esq has been a huge support to the launch of our new umbrella organization, Suits to Careers, Inc. and the branding and trademarking of our men's program, Tied to Success. We could not have navigated this transition without her support. Many thanks.
http://kelleykeller.com/testimonials/ruth-koup/

Matt Bloom | Founder & CEO of CRIMEWATCH Technologies, Inc.

Kelley is an exceptional IP attorney. She understands the legal nuances facing start-ups and is willing to work within those restrictions. Kelley is casual and easy to work with, but when it comes to legal action she is aggressive and takes charge. She has successfully helped us secure coexistence agreements and trademarks for our business. Here expertise has added exponential value to the technology we have built and I would highly recommend her to anyone seeking IP representation.
2016-04-23T10:53:29-05:00
Kelley is an exceptional IP attorney. She understands the legal nuances facing start-ups and is willing to work within those restrictions. Kelley is casual and easy to work with, but when it comes to legal action she is aggressive and takes charge. She has successfully helped us secure coexistence agreements and trademarks for our business. Here expertise has added exponential value to the technology we have built and I would highly recommend her to anyone seeking IP representation.
http://kelleykeller.com/testimonials/matt-bloom-founder-ceo-crimewatch-technologies-inc/

Zachary Ziegler | Brewmaster at Molly Pitcher Brewing Company

Kelley is not only extremely knowledgeable in the realm of intellectual property, but she made the whole process fun! It's not often you hear fun and legal work in the same sentence but Kelley's personality eased my worries while keeping me upbeat the whole time. She explained the entire process in language I could understand and kept me updated continuously. I would not hesitate to work with her again or refer her to my friends and family.
2016-04-23T10:54:48-05:00
Kelley is not only extremely knowledgeable in the realm of intellectual property, but she made the whole process fun! It's not often you hear fun and legal work in the same sentence but Kelley's personality eased my worries while keeping me upbeat the whole time. She explained the entire process in language I could understand and kept me updated continuously. I would not hesitate to work with her again or refer her to my friends and family.
http://kelleykeller.com/testimonials/zachary-ziegler-brewmaster-molly-pitcher-brewing-company/
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