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Are You Protecting Your Business Assets?

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By: Shahpar Shahpar

Did you know that inventions, business procedures, client lists, or branding are considered business assets?  If so, do you know how to protect those assets? The field of intellectual property can protect these intangible aspects of your business, which may give you a competitive edge.
 
1. Trademark Protection
 
There are four considerations for a business considering trademark protection for branding a product or service it offers.  First, avoid selecting descriptive marks, such as marks descriptive of the goods or services or the geographic location of the business.  Second, consider trademark protection in addition to trade name protection.  Third, consider trademark clearance or availability searching in the selection of a trademark.  Fourth, plan time and a budget for obtaining a federal trademark registration.  It can take at least 9-12 months from the application date to get a federal trademark registration.  Costs for obtaining a federal trademark registration vary significantly, but a starting point is about $2000 to $3000.
 
2. Protection of Confidential Information
 
Often, it is client lists, business procedures, or business “know-how” that gives a business its competitive edge.  Such proprietary information, confidential information, and trade secrets should be kept confidential.  First, a business could limit access to such information to select individuals within the business.  Second, a Non-Disclosure and Confidentiality Agreement may be used for any necessary disclosures outside the business.  Third, employment agreements can include provisions for handling of confidential information during employment and after termination.  Confidentiality is key.  Once a disclosure is made, it may be impossible to prohibit the dissemination of the once-trade-secret information.
 
3. Invention Protection
 
A business should investigate whether it has any inventions that need protection.  Patent protection is a special case.  Failure to meet certain time requirements may cause a business to lose its patent rights.  For example, once a business offers an invention for sale or discloses an invention at a trade show, it must file a patent application within 12 months or it may lose its patent rights.  As soon as a business identifies a valuable invention, a patent attorney should be consulted.
 
4. Copyright Protection
 
A business should consider copyright protection for its website, software, manuals, publications, architectural plans, or other items depending on its industry.  A copyright registration is required to bring a lawsuit for copyright infringement in federal court.  Instead of actual damages and profits, a copyright owner can elect statutory damages.  Also, the court may award costs and attorneys’ fees.  Generally, copyright registration can be fairly straightforward and inexpensive, while providing substantial protection.
 
5. Consult An Attorney
 
Intellectual property covers various assets of a business including patent, trademark, copyright, and trade secret rights.  An attorney experienced in these areas can work with a business to formulate a strategy, which works in conjunction with the particular business’s goals.  Successful businesses take the time and effort to protect their assets and reap the rewards of their intellectual property rights.
 
Copyright © 2008 By Shahpar Shahpar