Intellectual property refers to any ideas or knowledge that have value in the marketplace. This can include artistic works such as novels, songs or films. It can also include a new invention or process created by a company. Trademarks, copyrights and patents can be filed on certain items so that the person holding the recognition earns some form of financial compensation. Intellectual property can also include the name of businesses and trade secrets. In the event that someone has imitated or infringed on an individual’s or company’s IP, a lawsuit can be filed in order to try to receive damages.
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