Ownership & Rights: key terms, formulas and examples
Intellectual property includes patents, trademarks, copyrights and trade secrets. Protect it with registration, licenses and non-disclosure agreements.
Example
A freelancer's logo needs a signed agreement assigning the rights to you.
Takeaway
Put ownership in writing and respect others' rights.
Key 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.
- Royalty
- A payment for using someone's work or idea.
- Non-disclosure agreement
- A contract promising to keep information secret.
- Infringement
- Using protected property without permission.
- Public domain
- Works no longer protected and free for everyone to use.
- Trade dress
- The look and feel that identifies a product.
- Fair use
- Limited use of protected work without permission.
- Counterfeit
- A fake product sold as genuine.
Formulas
Profit margin(R − C) ÷ R × 100
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