What is Royalty?
Royalty: A payment for using someone's work or idea.
Where Royalty fits
Royalty is part of Ownership & Rights in Law & Ethics. Intellectual property includes patents, trademarks, copyrights and trade secrets. Protect it with registration, licenses and non-disclosure agreements.
Practical tip
Put ownership in writing and respect others' rights.
Related terms
- Intellectual property
- Legal rights over creations like inventions, brands and designs.
- Patent
- Exclusive right to an invention for a limited time.
- Limited liability
- Owners risk only what they invested, not personal assets.
- Audit
- An independent check that financial records are accurate.
- Trademark
- A registered name, logo or symbol that identifies a brand.
- Copyright
- Legal ownership of original creative work.
- Trade secret
- Confidential information that gives a business an edge.
- Licensing
- Permission to use someone's property, often for a fee.
Formulas you will use with it
Test yourself
Which term means: “A payment for using someone's work or idea.”?
Limited liability · Royalty · Copyright
Answer: Royalty
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