MEM Concessions LLC – Explanation of Intellectual Property Rights

MEM Concessions LLC – Explanation of Intellectual Property Rights

The laws surrounding intellectual property rights are in place to protect many people and if we are being honest, they can often be a tough minefield to navigate. If you are in business then it is important that at the very least you understand the basics about intellectual property rights and what they mean for both you and your business operations. We caught up with the team at MEM Concessions LLC, professionals in this field, to find out more about the different types of intellectual property rights.

The Fundamentals

The whole notion of intellectual property rights is that they are in place to protect creations of the mind which can include inventions, artistic contributions and any form of simple, logo or sign which is used throughout commerce. Generally speaking intellectual property can be split into 2 groups which is industrial property and copyright. Within both of these groups there have been a number of laws and acts that have been passed, which seek to further specify exactly who and what it is protecting.

Punishments

Punishments for breaching intellectual property laws can vary depending on which law it falls foul of and the severity by which is it broken. In some cases a penalty may be a slap on the writs with a financial fine, in others it could be bankruptcy or even prison time in the most extreme examples.

Forms

Patents – These are exclusive rights which are granted to people who have invented something. A patent must be filed and then approved as being unique and one can patent an entire product or sometimes just a small mechanism within a product. In this case the product or mechanism cannot be sold or reproduced without the patent owners blessing.

Trademark – Trademarks are considered for signs or symbols which identify that certain goods and services are sold by a particular company. Once a company has registered a trademark nobody else can use the same or a similar sign or logo.

Trade Secrets – This refers to the copying or forging of information which has been obtained from another business. Usually this will cover proprietary procedures, systems, devices, strategies and formulas which a business has in place.

Moral Rights – This is what we use to refer to the person who has created something which they now have the power over when it comes to making decisions on who can and cannot use the product or idea.

Unfair Competition – This is an act which prohibits businesses for acting unfairly against other companies by using strategies such as false advertising, trademark or copyright infringement, trade defamation or the misappropriation of a name or a likeness. As the title suggests, this is to protect businesses against others using unscrupulous activities to gain an unfair advantage.

If you have any concerns of further questions about intellectual property, be sure to contact a local attorney to find out more.

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