Business litigation can occur for numerous reasons, such as contract breach disputes or cases involving disputes with employees. However, in the past few decades, another type of dispute has arisen as a potential problem for businesses in Nevada: intellectual property disputes.
So, what do business owners need to know about intellectual property disputes? Well, for starters, it helps to understand “intellectual property.” In essence, intellectual property is property that includes ideas, slogans, images and concepts that are unique to a business or individual. Our readers would likely recognize some of the most obvious examples, such as the Nike, “Swoosh” image, or a business slogan, like “Melts in your mouth, not in your hand,” for M&M candy.
When intellectual property is used in a way that violates a business or individual’s trademark, copyright or patent, the business could pursue a lawsuit based on the infringement of its intellectual property rights. In many cases, the business pursues an “injunction” to stop the illegal use of its intellectual property. In some cases, financial compensation will be pursued as well.
With all of the concerns that a business owner in Nevada has, it may seem like just another troubling legal layer when intellectual property is considered. But, intellectual property is often the life-blood of a business. When it is used by another party in violation of a copyright, trademark or patent, the business will probably need to take action. Protecting intellectual property rights is crucial for a business to become successful and stay successful.