The Importance Of Protecting Businesses By Using Patents,...

â€Å"You shall not steal, nor deal falsely, nor lie to one another† Leviticus 19:11 (Dake’s Annontated Reference Bible) is the basic principle of life as well business. Everyone understands what stealing means, but forgets you are stealing when you take a business’s logo, name, trademark, or identity. Stealing does not have to be a physical object that belongs to a business. It can be something that they have created such as a song or product. This paper will talk about the importance of protecting businesses by using patents, copyrights, trademarks, trade secrets, and businesses property rights. Patents The United States Patent Office is where companies or individuals can file documents to obtain a legal monopoly for a product or process that they have created (Jennings, 2015). Three types of patents include utility or machines lasting 20 years, the design, or production that lasts 14 years, and plant that lasts 20 years. Because of the race to be the first person to invent or create a product the America Invents Act (AIA) came about in 2011. This allowed Americans to compete with other countries that had filed before them as well as increase the patent process from 3 to 4 years to 12 months. A patent holder has the right to solely profit from the patent. If someone steals the idea the individual has created then they have done a patent infringement. This entitles the patent holder to damages and legal action against the party that stole the idea. In order for aShow MoreRelatedIntellectual Property And The Copyright Act Of 19761688 Words   |  7 PagesIntellectual property represents ideas created by minds of humans that require certain rights for their use. Intellectual property gives companies a competitive advantage and attracts the attention of other business partners and investors (Lee, 2016). 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