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Intellectual property is basically an invention or innovation which can be in the form of symbols, logos, or a unique style or a name that can be used commercially. Nowadays intellectual property has been provided protection by trademarks, patents and copyrights. That serious topic sometimes leads the one who use the illegal ways such as, named the invention of others to him or invent things that someone did before, those things If they are discovered by investigators might leads the suspect to a jail or pay a fine. These are the basic types of intellectual property. There are another types of intellectual property, which is called trade secrets (Barrett, 2008).

Intellectual property protects creations of one's own mind, any commercial or an artistic work. An artist's intellectual property comes under the specific type of intellectual property, which is called copyrights. Commercial work, which is an industrial property comes under trademarks, copyrights, trade secret or any form of industrial design or a style (Cottier, 2003)

A copyright property is that form of intellectual property which saves the author's original work from being copied or illegally distributed. In this case, the author has full rights of his authorship so that the original work remains in his possession. The work is protected for a certain time until it is published and becomes available in use for republication to others. The U.S copyright office generally deals with all copyright registrations (Brainbridge, 2009).

The U.S Patent and Trademark office distributes the patents. These are the property rights which are legal and are applied to specified innovations. More specifically, patents are applied to any biological discovery, designs after their manufacturing, machines and processes as well. Patents can also expire and are available for a limited time, usually expiring after 20 years (Barrett, 2008).

Trademarks are in the form of logos, symbols, styles and designs, phrases and words. Trademarks are associated with a specific good or brand that enables it to be distinguished from other items produced in the industry. According to The United States Patent and Trademark office '' A trademark is a word, name, symbol or device which is used to indicate and distinguish the original source from others. A service mark is the same as a trademark except that it identifies the source of a service rather than a product.'' Trademarks are a symbol of identification of a certain industrial or market product. Once they are registered at the US Trademark and Patent office, they get a legal protection (Brainbridge, 2009).

Intellectual property has attained immense importance these days to claim property rights and protection of a product. Correct registration of intellectual property by authorized companies is required. If somehow intellectual property is found contravened, then offenders must be prosecuted according to federal laws. This legal procedure for the protection of intellectual property is not so simple. A lot of investment by companies is required in to fight theft of information (Cottier, 2003).

Protection of an Intellectual property is most important to encourage innovations; otherwise, the whole system would be blurred by repetition and chaos of similar ideas. For new business inventions, it is necessary that new emerging ideas should be the open to industry to expand development and to reach new horizon of research. Nowadays it is necessary to protect the original work due to the possibilities of work stealing, and piracy as well as counterfeiting; otherwise it will pose a serious an alarming threat to the business industry. All business industries will face serious safety risks (Schwabach, 2007).

The business community is facing piracy and counterfeiting problems and its extent is impossible to determine. Small or large scale businesses should support intellectual property as well. This process requires expertise, some resources and a huge knowledge to protect the products from a theft of original ideas (Brainbridge, 2009).

Intellectual property theft has posed a serious risk to various industrial sectors which include biotechnology, software, consumer goods and one of the most important sectors, the manufacturing industry. It has been observed that small scale industries suffered a serious loss because of Intellectual property theft in the past. Since there are lots of competitors in the industrial sector. so to cope with this competition of new products an intellectual property is required (Barrett, 2008).

In conclusion, three types of Intellectual property were discussed in this papers, including patents, trademarks, and copyrights. Actually there are many different types of Intellectual property, and most of them are protected worldwide. Some of them still need more protection by the organizations to avoid any steeling of the invention or idea.

Work cited:

Bainbridge, David.(2007). Intellectual Property. England: Pearson Longman.
Barrett, Margreth.(2008).Intellectual Property. New York, NY:Aspen.
Cottier ,Thomas. (2003).Intellectual Property. New York, NY: Routledge.
Schwabach, Aaron. (2007). Intellectual PropertySanta Barbra, Calif: Springer.
The United States patent and trademark office. Retrieved from http://www.uspto.gov/trademarks/basics/trade_defin.jsp