Intellectual property is defined as the all-encompassing term for “non-physical but identifiable property”; in the USA there are 3 types of intellectual property: copyright, trademark, and patent
- Copyright is any creative expression that is in a fixed medium. Today, copyright need not be registered or renewed.
- Trademarks are logos or phrases and are created to distinguish one corporate brand from another. Trademarks must be registered and renewed.
- Patents protect formulas and mechanical processes and it limits production to only the patent owner. Patents must be registered and renewed
