Intellectual Property is one of the most important and lucrative assets that most businesses have, but it’s also often an issue that frequently leads to business litigation. When businesses are creating original works, there are often questions about who actually owns these rights and when those rights are able to be licensed for profit. As we’ve written about in the past, unclear guidelines surrounding intellectual property are one of several issues that frequently lead to partnership disputes.
A great way to prevent these disputes is to take stock of what your business has through effective policies and an IP audit.
Find Out What You Have
The first step is to make a full inventory of what your business actually owns. Logos, slogans, designs, inventions, etc. Who worked on those specific items? Did you purchase the license or was it granted to your company or a partner exclusively?
It’s important to know who actually owns these rights because if you are paying for a license it’s likely defined in those terms who actually has the right to use or even license out the work even further. Partnership disputes arise when it’s unclear who has what rights when dealing with company property.
Find Out What To Do With What You Have
Once you have a comprehensive list, you are able to create additional profits through the work that’s already been done. There is significant untapped potential in IP rights. These are assets to be utilized to advance your business and separate yourself from the crowd. Instead of infighting that produces business litigation that nobody wants to be a part of, consider strategies that move you forward.
Figure out what the best steps forward are and execute the plan effectively. You may need to apply for additional protections and licenses during this process.
How Pence Law Firm Can Help
To be clear, we are not an intellectual property law firm. But, we are a business litigation firm in Oklahoma with significant experience helping clients navigate the complexities and legalities of moving their business forward.If you’re dealing with a partnership dispute centered around these issues or need legal counsel to sort through a dispute with a vendor, manufacturer, or within a contract, contact Pence Law Firm. We bring customized solutions and powerful representation to clients who need help sorting through legal challenges that are holding them back.