Intellectual Property as a Business Asset
By Team Legistify / 2016-08-13
Intellectual properties (IP) are the new creations which were not existing before and would have some application irrespective of whether commercially prudent or not. IP may be developed in the field of inventions, literary work, symbols, names, images, and designs which would have commercial value.

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The concept of valuation of intellectual property and other intangible assets of a company is new as compared to other concepts of intellectual property (IP) law. The value of an IP is a monetary compensation that is expected to be received from licensing of an IP or from sale or exchange of other intangible assets. The intangible assets of a company include goodwill, trademark, technology, know-how trade secrets etc.

Intellectual Property

Intellectual property (IP) is the new creations which were not existing before and would have some application irrespective of whether commercially prudent or not. IP may be developed in the field of inventions, literary work, symbols, names, images, and designs which would have commercial value. If appropriate legal monopoly is created in and around the intellectual property, then it would become a source of continuous wealth.

IP is divided into two categories. Patents, trademarks, industrial designs, geographic indications of source relate to the business sector and Copyright for literary and artistic works relate to the domain of art. Both have practical applications. IP law envisages to protect the legal right of an original contributor for a defined period of time and prevents unauthorized copying.

Effective Protection of intellectual property is central to the success of technology-driven businesses. Intellectual property is a type of intangible property from accounting viewpoint which has a finite approved period of legal monopoly. For example, the patent holder in India has exclusive right to make, use and sale of a patented product for 20 years.

Intellectual properties (IP) are the new creations which were not existing before and would have some application irrespective of whether commercially prudent or not. IP may be developed in the field of inventions, literary work, symbols, names, images, and designs which would have commercial value.

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