Running Head:INTELLECTUAL PROPERTY1 INTELLECTUAL PROPERTY13 Intellectual Property Student’s Name Institutional Affiliation INTELLECTUAL PROPERTY Abstract Intellectual property (IP) denotes to conceptions of the mind, such as discoveries; fictional and imaginative workings; designs; and cyphers, labels and imageries used in business. Intellectual Property is secured in law by, for instance, copyrights, patents and trademarks, which empower individuals to receive acknowledgement or monetarist benefit from what they discover or generate. By striking the right equilibrium amid the welfares of innovators and the broader communal interest, the Intellectual Property system purposes to bring in an atmosphere in which originality and novelty can flourish (Cornish, Llewelyn, &Aplin, 2013). The main aim of intellectual property in law is to ensure that investigators enjoy the benefits of their inventions before the general public take up the opportunity and take advantage. These laws protect against piracy when it comes to property such music, plagiarism when it comes to property such as written works and protecting against stealing of emblems, logos and colors. This is to ensure ethical behavior in the field of business and encourage innovation of novel products in different industries. This assignment encompasses intellectual property, it denotes and explains some of the very important intellectual property rights which include patents, copyrights, industrial design rights, plant varieties and trademarks just but to mention a few. The paper also explains the benefits of having intellectual property rights and the advantages it offers the proprietors. It goes further to explain some of the limitations that copyrights have and how both the public and the inventor or the creator can both benefit from the invention. The paper concludes by explaining how intellectual property and software can be protected. Intellectual Property Rights Intellectual property rights are similar to any other property right. They permit inventers, or proprietors, of charters, emblems or copyrighted workings to profit from their individual effort or investment in a conception. These rights are known both national and recognized by international bodies and for that reason they delineated in Article 27 of the Universal Declaration of Human Rights, which offers for the right to profit from the fortification of ethical and substantialwelfaressubsequent ofcomposition of methodical, fictional or imaginativeinventions. The intellectual property rights include the following copyright, patents, trademarks, industrial designs and geographical indications, plant varieties, trade dress and trade secrets. All these rights are explained below: Patents A patent is a high-class right allowed for a discovery – an artefact or procedure that delivers a novel technique of undertaking something, or that provides a novelmechanicalresolution to somethingproblematic. A patent delivers pate.

1. Running Head:INTELLECTUAL PROPERTY1
INTELLECTUAL PROPERTY13
Intellectual Property
Student’s Name
Institutional Affiliation
INTELLECTUAL PROPERTY
Abstract
Intellectual property (IP) denotes to conceptions of the mind,
such as discoveries; fictional and imaginative workings;
designs; and cyphers, labels and imageries used in business.
Intellectual Property is secured in law by, for instance,
copyrights, patents and trademarks, which empower individuals
to receive acknowledgement or monetarist benefit from what
they discover or generate. By striking the right equilibrium
amid the welfares of innovators and the broader communal
interest, the Intellectual Property system purposes to bring in an
atmosphere in which originality and novelty can flourish
(Cornish, Llewelyn, &Aplin, 2013).
The main aim of intellectual property in law is to ensure that
investigators enjoy the benefits of their inventions before the
general public take up the opportunity and take advantage.
These laws protect against piracy when it comes to property
such music, plagiarism when it comes to property such as
written works and protecting against stealing of emblems, logos

2. and colors. This is to ensure ethical behavior in the field of
business and encourage innovation of novel products in
different industries.
This assignment encompasses intellectual property, it denotes
and explains some of the very important intellectual property
rights which include patents, copyrights, industrial design
rights, plant varieties and trademarks just but to mention a few.
The paper also explains the benefits of having intellectual
property rights and the advantages it offers the proprietors. It
goes further to explain some of the limitations that copyrights
have and how both the public and the inventor or the creator can
both benefit from the invention. The paper concludes by
explaining how intellectual property and software can be
protected.
Intellectual Property Rights
Intellectual property rights are similar to any other property
right. They permit inventers, or proprietors, of charters,
emblems or copyrighted workings to profit from their individual
effort or investment in a conception. These rights are known
both national and recognized by international bodies and for
that reason they delineated in Article 27 of the Universal
Declaration of Human Rights, which offers for the right to
profit from the fortification of ethical and
substantialwelfaressubsequent ofcomposition of methodical,
fictional or imaginativeinventions. The intellectual property
rights include the following copyright, patents, trademarks,
industrial designs and geographical indications, plant varieties,
trade dress and trade secrets. All these rights are explained
below:
Patents
A patent is a high-class right allowed for a discovery – an
artefact or procedure that delivers a novel technique of
undertaking something, or that provides a
novelmechanicalresolution to somethingproblematic. A patent
delivers patent proprietors with fortification for their
discoveries. Protection is approved for a restrictedretro,

3. commonly two decades. Patents deliverinducements to persons
by identifying their imagination and proposing the opportunity
of quantifiablecompensation for their merchantable inventions.
These inducementsinspire innovation, which in turn augments
the quality of human life. Patent safeguard means a creation
cannot be commercially made, used, disseminated or sold
without the patent proprietor’sconsensus. Patent rights are
typicallyimposed in courts that, in most organizations, embrace
the authority to discontinue patent contravention. Contrariwise,
a court can also announce a patent worthless upon an
efficaciouscontest by a third party.
Copyrights
Copyright regulationsawardnovelists, performers and other
inventor’ssafeguard for their legendary and
imaginativeconceptions, commonlydenoted to as “workings”. A
thoroughlyconcomitant field is “associated rights” or rights
connected to copyright that embrace rights comparable or
undistinguishable to those of copyright, even thoughfrom time
to time more restricted and of diminutiveinterval. The receivers
of associated rights are:
· Entertainers (such as actors and musicians) in their
presentations;
· Creators of phonograms (for instance, solid discs) in their
sound recordings; and
· Broadcastingestablishments in their radio and television
curriculums.
Works enclosed by copyright take account of, but are not
restricted to: books, poetries, theaters, cited works, newspapers,
announcements, computer programs, databases, movies,
melodiousworks, choreography, portraits, illustrations, pictures,
monument, architecture, atlases and technical
illustrations(Cornish, Llewelyn, &Aplin, 2013).
Industrial Design Rights
An industrial design right defends the graphic design of entities
that are not virtuously utilitarian. An industrial design is made
up of the formation of a shape, conformation or configuration of

4. pattern or color, or amalgamation of pattern and color in three-
dimensional form encompassingartistic value. An industrial
design can be a two- or three-dimensional pattern used to yield
a product, industrial article of trade or handiwork. Industrial
designs are functional to an extensivediversity of
engineeringmerchandises and handiworks from methodological
and medicinalapparatuses to timepieces, jewelry and other
extravagancesubstances from house commodities and electrical
machines to automobiles and architectural constructions from
fabric designs to relaxation goods.
Plant Varieties
Also known as the Plant breeders' rights are the rights to
commercially use a novel diversity of a plant. The diversity
must amid others be novel and discrete and for registering the
assessment of proliferating material of the variability is
scrutinized (Maskus, 2000).
Trademarks
A trademark is a characteristicsymbol that recognizes particular
goods or services manufactured or delivered by a person or a
business. Its derivation dates back to antique times when
artisansreplicated their autographs, or “marks”, on their
creativeworkings or products of a functional or practical nature.
Over the years, these marks have evolved into today’s system of
trademark registration and protection. The system aidscustomers
to recognize and obtain a product or service grounded on
whether its precisephysiognomies and quality – as designated by
its exclusive trademark – encounter their requirements.
Trademark safeguardguarantees that the proprietors of marks
have the high-class right to use them to recognize goods or
services, or to approve others to use them in return for
compensation. The retro of protection differs, but a trademark
can be renewed indeterminately upon imbursement of the
conforming fees. Trademark safeguard is lawfullyimposed by
courts that, in most arrangements, have the authority to
discontinue trademark contravention (Maskus, 2000).
Trade Dress

5. Trade dress is a lawful term of art that frequently mentions to
aspects of the graphical appearance of a creation or its packing
(or even the design of a structure) that designate the source of
the product to customers.
Trade Secrets
A trade secret is a formulation, rehearsal, procedure, design,
apparatus, pattern, or accumulation of evidence which is not
commonly known or judiciously ascertainable, by which a
business can acquire a financialimprovement over rivals or
consumers.
Geographic Indication
A geographical signal is a symbol utilized on goods that have a
precisetopographicalderivation and retain qualities or a
standingowing to that place of derivation. Most frequently, a
topographicalsignis made up of the name of the place of
derivation of the merchandises.
Agronomicmerchandisescharacteristically have qualities that
originate from their place of manufacture and are predisposed
by preciseindigenoustopographicalfeatures, such as climate and
soil. Whether a sign purposes as a topographicalsign is a
substance of state law and customerdiscernment.
Topographicalsignsmay perhaps be used for an extensive variety
of agricultural merchandises, such as, for instance, “Tuscany”
for olive oil manufactured in a precise area of Italy, or
“Roquefort” for cheese produced in that area of France.
Benefits of Intellectual Property Rights
Copyright and associated rights protection is an
indispensableconstituent in the encouragementof human
inventiveness and revolution. Giving biographers, performers
and inventersinducements in the formula of acknowledgement
and impartialfinancialrecompenseupsurges their doings and
productivity and can also improve the outcomes. By
guaranteeing the presence and enforceability of rights, persons
and businesses can more effortlesslycapitalize in the
conception, enlargement and internationaldistribution of their
works. This, in turn, benefits to upsurgeadmittance to and

6. augment the enjoyment of culture, acquaintance and
entertainment the world over,and also inspiresfinancial and
social improvement (Glass, &Saggi, 2002).
Topographicalsigns are comprehended by customers to signify
the derivation and excellence of products. Numerous of them
have assimilatedappreciatedstatuses which, if not sufficiently
protected, may perhaps be misrepresented by commercial
operatives. Untruthful use of topographicalsigns by
unsanctioned parties, for instance “Darjeeling” for tea that was
not developed in the tea estates of Darjeeling, is
disadvantageous to customers and authentic producers. The
former are cuckolded into considering they are purchasing a
candid product with particular superiorities and physical
appearance, and the concluding are underprivileged of
appreciated business and agonizeimpairment to the recognized
reputation of their products.
Trademark safeguard guarantees that the proprietors of marks
have the high-class right to use them to recognize goods or
services, or to approve others to use them in return for
compensation. The retro of protection differs, but a trademark
can be renewed indeterminately upon imbursement of the
conforming fees. Trademark safeguard is lawfully imposed by
courts that, in most arrangements, have the authority to
discontinue trademark contravention.In accumulation to
recognizing the commercial basis of goods or amenities,
numerous other trademark groupings also exist. Cooperative
marks are retained by an organization whose associates use
them to point outmerchandises with a certain level of
superiority and who reach a decision to abide by
somedetailednecessities set by the organization. Such
organizations may perhapssymbolize, for instance, auditors,
engineers or architects. Warranty marks are given for
acquiescence with distinctprinciples but are not restricted to any
membership (Glass, &Saggi, 2002).
Limits to Intellectual Property Protection Rights
The principalrestraint is the prohibiting from copyright

7. protection of particulargroupings of workings. In some nations,
works are omitted from protection if they are not secure in
physical form. For instance, a work of choreography would
merely be protected as soon as the actions were printed down in
dance symbolization or documented on videotape. In
othernations, the manuscripts of by-laws, court and
organizationalpronouncements are omitted from copyright
fortification.
The subsequentgrouping of restrictions concerns specific
undertakings of manipulation, customarilynecessitating the
endorsement of the rights proprietor, which may perhaps, under
conditionsquantified in the decree, be approvedor done without
consent. There are two rudimentarycategories of restrictions in
this grouping and the first one is the,unrestricted use, which
conveys no responsibility to pay compensationto the rights
proprietor for the use of the work without consent; and second
one is non-voluntary authorizations, which do necessitate that
reimbursement be paid to the rights possessor for non-
authorized manipulation(Murray, & Stern, 2007).
In accumulation to the preciseclassifications of permitted use
set out in state laws, the laws of some nationsdistinguish the
perceptionrecognized as nondiscriminatory use or fair dealing.
This permits use of works without the consent of the rights
proprietor, taking into justificationissues such as the nature and
tenacity of the use, as well as whether it is for
marketabledevotions; the nature of the work used; the quantity
of the work used in relative to the work entirely; and the
probableinfluence of the use on the impending commercial
worth of the work.
Non-voluntary authorizationspermit use of works in
particularsituations without the consent of the proprietor of
rights, but necessitate that reimbursement be paid in reverence
of the use. Such authorizations are termed as non-voluntary for
the reason that they are permissible in the law, and do not have
a consequence from the implementation of the limited right of
the copyright proprietor to sanctionspecific undertakings. Non-

8. voluntary authorizations were frequentlyfashioned in conditions
where a novel technology for the distribution of works to the
community had developed, and where the
nationwidepolicymakerdreaded that rights proprietors would
preclude the improvement of the novel technology by declining
to approve use of works.
This was accurate of two non-voluntary
authorizationsacknowledged in the Berne Convention, which
permit the mechanical duplication of musical workings and
dissemination. The rationalization for non-voluntary
authorizations is, nonetheless, progressively called into enquiry,
asin effectsubstitutionsat this moment exist for making works
obtainable to the communityfounded on approvals given by the
rights proprietors, as well as in the form of cooperative
administration of rights (Branstetter, Fisman, & Foley, 2005).
How Intellectual Property can be protected.
There are dissimilar techniques that can be used to protect and
manage intellectual property (IP). Developing an IP approach is
indispensable to making the most of an organizational
investment.Whichever the strategy an organization choose it is
important to integrate the business plan and exploration of
available options from professionals. It is also important to
integrate information technology through acquisition of
software that can store intangible data. One of the way to
protect intellectual property is to understand the importance of
secrecy. Creations and designs cannot be recordedexceptif they
are completelynovel. This means they cannot have been
openlyrevealed or demonstrated beforehand.
The following steps can be utilized when developing an
intellectual property strategy meant to protect the intangible
property from the jeopardies and those willing to take advantage
by stealing:
· Deliberation of technique the organization can use the IP
system in theircorporatestratagem and incorporate IP with their
other competitive strong points.
· Huntfor the patent, trade mark and design catalogues to

9. guarantee the organization’sconcepts are novel and
circumventinterfering with the rights of others. Also
explorenovelcorporateprospects and competitor undertakings.
· It is important to weigh the jeopardies and the profits of
registered and unregistered rights. Confidentiality and
rapiditymay perhaps be a better opportunity than patenting.
· The organization interested in protecting intellectual property
should conduct an IP assessment to guarantee they own the IP
theycontemplate they do, predominantly if it has been fashioned
by contractors.
· Develop a breachstratagem and contemplateon the IP
indemnification.
· Instruct other employees of their responsibilities and, where
compulsory, they should sign concealmentcontracts.
· Make operational trade marks the fundamental of the brand
strategy.
How can the software be protected.
The hotheaded development of web 2.0 sites and cell phone
applications has been shifting the technology landscape in
previous two to three decades. With
corporationsprogressivelyconcentrating on mounting very
constricted areas of developing technologies, IP is speedily
becoming the prevalent differentiator and value originator. In
this circumstance, software designers and technology
corporations are particularlyconfronted with the predicament of
recognizing the best form of IP defense for their software
properties. Commonly, for software programs, the selection is
to either file for copyright cataloguing or patent fortification, or
both (Murray, & Stern, 2007).
As per the Copyright Act, 17 U.S.C. § 101, computer programs
are referred to as the “literary works,” and are
consequentlypermitted to copyright fortification. Even though
the case by-law in this zone is continuouslyemerging, it is
innocuous to allege that the degree of fortificationobtainable by
copyright law is somewhatpartial. Even though the “literal”
doubling of a copyrighted computer program’s basis code or

10. purpose code will customarilyend in a discovery of copyright
violation, it is not completely clear if copyright law can give
any fortificationfurther than this point. It is clear, nonetheless,
that if the motivation behind looking for IP protection is to
defend the comportment, rationality, or functions of the
software program, then looking for patent protection is
undoubtedly the best conceivable course of action (Murray, &
Stern, 2007).
Conclusion
Intellectual property is increasingly becoming a very important
undertaking in many organizations because most of the asset
nowadays are in intangible form and they must be protected
against duplication and other people making profits out of them
without the owners’ consent. Intellectual property rights offer
inventors and producers a chance for them to increase their
inventions and productions without the fear that other people
stand to gain financial profits at their expense (Correa, 2000).
References
Maskus, K. E. (2000). Intellectual property rights in the global

11. economy. Peterson Institute.
Cornish, W., Llewelyn, G. I. D., &Aplin, T. (2013). Intellectual
property: patents, copyright, trade marks & allied rights.
Glass, A. J., &Saggi, K. (2002). Intellectual property rights and
foreign direct investment. Journal of International
economics, 56(2), 387-410.
Branstetter, L., Fisman, R., & Foley, C. F. (2005). Do stronger
intellectual property rights increase international technology
transfer? Empirical evidence from US firm-level data (No.
w11516). National Bureau of Economic Research.
Murray, F., & Stern, S. (2007). Do formal intellectual property
rights hinder the free flow of scientific knowledge?: An
empirical test of the anti-commons hypothesis. Journal of
Economic Behavior & Organization, 63(4), 648-687.
Correa, C. M. (2000). Intellectual property rights, the WTO and
developing countries: the TRIPS agreement and policy options.
Zed books.
XYZ Company, INC.
Balance Sheet
For Year Ending December 31, 20XX
ASSETS
Current Assets
Cash 10,525
Accounts Receivable 27,000
Inventory 30,000
Prepaid Expenses 2,000

12. Total Current Assets 69,525
Fixed Assets
Property—net of depreciation 215,000
Equipment—net of depreciation 80,000
Vehicles—net of depreciation 5,000
Total Fixed Assets 300,000
Total Assets 369,525
LIABILITIES
Current Liabilities
Revolving lines of credit 20,000
Accounts Payable 5,000
Current Portion of Long-term Debt 15,000
Total Current Liabilities 40,000
Long-term Liabilities
Long-term debt and capital leases 45,500
Loans payable to stockholders 60,500
Total Long-term Liabilities 106,000
Total Liabilities 146,000

13. Stockholders Equity
Common stock 1,000
Additional Paid-in Capital 25,000
Retained Earnings (Cum from prior years) 53,190
Retained Earnings (From current P&L) 144,335
Total Stockholders Equity 223,525
Total Liabilities and Stockholders Equity 369,525
XYZ Company, INC.
Profit and Loss Statement
Year Ended December 31, 20XX
%
Sales 1,750,450
Returns and allowances 2,752
Net Sales 1,747,698 100.0
Cost of Sales
Beginning Inventory 50,000
Purchases 610,162
Production Labor 420,108
Ending Inventory 30,000
Total Cost of Sales 1,050,270 60.1

14. Gross Profit 697,428 39.9
Selling Expense
Wages 75,000
Commissions 25,000
Marketing 25,000
Total Selling Expenses 125,000 7.2
Operating Expense
Salaries 225,000
Payroll taxes 29,000
Benefits 27,000
Office Supplies 500
Postage 250
Professional Fees 2,000
Telephone 850
Utilities 950
Training & Education 250
Miscellaneous 50
Total Operating Expense 285,850 16.4
Operating Profit—EBITDA 286,578 16.4
Other Income (Expense)
Interest (9,650)
Depreciation (12,000)
Amortization (2,500)
Total Other Income (Expense) (24,150)
Total Pre-tax Profit 262,428 15.0
Income Tax Allowance 118,093

15. Net Profit 144,335 8.3