What’s the Most Important Thing I Should Do When Starting My Business? Pt. 5
The first four steps in the Legal Checklist for Startups included a lot of big-picture thinking. While all of these things are important and will affect your legal decisions down the road, none of them are specifically attached to a legal concept.
That all changes with step number five, which isย protecting your brand and your intellectual property.
“That all changes with step number five, which isย protecting your brand and your intellectual property.”
WHAT IS INTELLECTUAL PROPERTY?
Intellectual property is one of the most important legal issues any new small business faces. Itโs also one of the most misunderstood areas of the law.
So what is intellectual property?
Intellectual property, or IP, is any unique creation of your own mind that the law protects from being stolen.
Thatโs right, the law will actually protect you from having your ideas, or the creations that come from your ideas, from being stolen by other businesses.
The law offers three main types of protection for your intellectual property:
- Trademarks
- Copyrights
- Patents
MISCONCEPTIONS
The most common misconception about intellectual property is that you have no protection unless you actually register for a trademark, copyright, or patent.
Thatโs not the case. In fact, your ideas are protected by common law even if you do not register for a trademark, copyright, or patent.
However, it can be much more difficult to prove something is actually your intellectual property unless you have some sort of legal protection. For instance, someone could claim that came up with a name or idea before you. Plus, you can only receive statutory rewards in a lawsuit if you have actually registered for intellectual property protection.
Ultimately, it is prudent to protect yourself and your business by registering for intellectual property protection.
Many states offer some level of intellectual property protection, but the most common way to protect yourself is by registering for intellectual property protection with theย U.S. Patent and Trademark Office – the USPTO.
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