IP short for intellectual property may sound familiar to you. But how much do you really know about IP? If you are an inventor who has recently invented a new idea and want a patent for it so that noone else can copy it, well you should take legal right in IP. When others have the intention of copying your product or idea, you have the right to sue them in a court of law. There are many categories when it comes to this type of law such as patents, trademarks and copyrights.
If you have a trademark on a certain name brand then it allows you to use the brand in any way you feel necessary. Nobody is allowed to use that brand name to make a profit from it because it is legally yours.
In some cases it can be a little confusing because when you are talking about intellectual property it can be an intangible item. When you're talking about regular property something that you can see and touch it is easier to understand how you can legally own that property. It can also be difficult to value the assets of this type of property because in many cases it can very from brand to brand. As with a house for instance you can get the value of that type of property because there are other similar houses in the area that have sold for a set amount of money.
Remember when you are talking about Intellectual-property rights it allows you to legally own a copyright, patent or trademark. This means if you create something or file for a patent you are safe from somebody stealing your idea and making a profit from it. It is always best if you have a legal issue that you find a good intellectual property rights attorney that can help you out.