Your business’s intellectual property (IP) are intangible assets created by intellect, such as branding, logos, slogans, inventions, photographs, illustrations, and taglines.
A competitor might copy your IP if you don’t protect it, which could damage your business.
There are various ways to protect your IP.
Copyright
This is an automatic legal protection for original creative work such as writing, art, illustration, literary work, photography, music, film, and sound recordings.
Copyright prevents others from using, copying, or distributing work without the creator’s permission.
It lasts until 70 years after the death of the original creator.
As copyright is automatic, you don’t need to indicate it, but you can do so by using the © symbol.
Trademarks
A trademark protects things used to identify products or services, such as a company name, logo, sounds, colour, or tagline.
You need to apply to register a trademark with the Intellectual Property Office.
You can do it yourself or get the help of a trademark attorney.
A trademark lasts ten years, and you can renew it when it expires.
Once registered, you can use the ® symbol.
Patents
A patent protects inventions, such as a product or process, that are new, inventive, and either something that can be made and used, a technical process, or a method of doing something.
Once protected, you can take legal action against anyone who makes, uses, sells, or imports it without your permission.
Getting a patent is the most complex and expensive form of IP protection.
Applications, which can take several years, cost at least £310.
You will usually also need to pay a patent attorney for help, which can cost several thousand pounds.
A patent initially lasts five years.
After 5 years, you must renew the patent every year, up to a maximum of 20 years.
Design rights
The arrangement and shape of a three-dimensional design is automatically protected for ten years after it was first sold or 15 years after it was created, whichever is earliest.
For greater protection, you can register a design if it meets the eligibility criteria.
A registered design is protected for up to 25 years but must be renewed every five years.
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Next chapterBritish Business Bank plc is a development bank wholly owned by HM Government. British Business Bank plc and its subsidiaries are not banking institutions and do not operate as such. They are not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). A complete legal structure chart for the group can be found at british-business-bank.co.uk.
Whilst we make reasonable efforts to keep the information in this guide up to date, we do not guarantee or warrant (implied or otherwise) that it is current, accurate or complete. The information is intended for general information purposes only and does not take into account your personal situation, nor does it constitute legal, financial, tax or other professional advice. You should always consider whether the information is applicable to your particular circumstances and, where appropriate, seek professional or specialist advice or support.
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