Developing and protecting intellectual property (IP) is a critical step for businesses of all sizes. It's even more important that business owners with their operations located in Chicago, especially since the city is home to a number of other businesses who might be looking to leverage your IP for their own gains.

Fortunately, IP is often protected by law. Knowing the right steps to take in the moment, long-term forward planning, and certain tactical choices can help protect your IP and give your business leverage. Here are the top 5 things to consider when exploring intellectual property rights for your business in Chicago:

1. Clearly Define Your Intellectual Property

The first step in protecting your IP is to be able to define and identify it. This includes everything from new inventions you create, to a trademark on your logo or with a business card, as well as copyright for books or music you wrote, and even trade secret formulas for particular products, services, and processes.

Write out a list of all of the components of your IP that you are reasonably sure of, then look into what additional elements may be included in that category.

2. Utilize IP Law To Protect Your Assets

The next step is to use the resources available through IP law. This includes structuring your business and filing trademarks, patenting inventions, and registering copyrights, as well as establishing necessary trade secrets protections. The sooner you can start this process, the better.

While getting access to IP law can be tricky, thankfully you can reach out to a local IP law expert to help. Experienced lawyers who know the specifics of the Chicago IP law will be able to assist you in the process.

3. Know Your Rights Financially and Otherwise

Ownership of intellectual property can get confusing if you're not familiar with the law. Before signing any contracts, it's important to know the implications of the different agreement types and ensure that you're not releasing your IP rights to someone else.

For instance, contracts which involve contingent fees, the assignment of rights, or any activity that involves money should be evaluated closely to make sure that all terms are understood and the business is protected.

4. Be Careful in Your Business Interactions

You likely interact with people every day related to your business. From attorneys, to contractors, to outsource vendors, to partners, and other third-parties, you must always be aware of how your conversations may affect your IP and other proprietary information.

Make sure that confidentiality agreements and non-disclosure agreements are in place and that they are enforced when necessary. This is even more important for IP that you develop with help from your part-time employees and freelancers.

5. Seek Legal Advice

Finally, one of the best ways to protect your IP in Chicago is to seek legal advice. IP attorneys in the area will be able to provide strategic advice and assistance as you develop IP for your own business and protect yourself from any risks that could come your way.

For example, seek the help of an IP attorney who is knowledgeable about Chicago laws and who is well-versed in IP matters. This will give you a better chance of adequately protecting your IP, as well as any other confidential information, with the law so that you can pursue your business goals with peace of mind.

Topics:

Intellectual Property,

IP Law,

Chicago