Last Updated on December 10, 2022 by Anda Malescu
In the today’s information age, knowledge is big business and understanding the concepts of business torts and intellectual property in the United States can help you, the business owner, investor and entrepreneur to protect your business.
Companies list a variety of business assets on their balance sheet including cash, inventory, land, buildings, machines, furniture, fixtures, vehicles, goodwill, long-term investments, temporary investments, and others. However, one of the most valuable assets for many businesses is in fact intellectual property. Intellectual property refers to those works or inventions created by the mind.
Generally, companies elect to protect their intellectual property as a trade secret or through patent, copyright, or trademark protection, and these assets must be carefully monitored and guarded because they allow a company to earn recognition or financial benefit from licensing, transferring or selling their intellectual property.
In the United States in order to protect trademark and patents, the owner must register them with the United States Patent and Trademark Office. With respect to trade secrets, most U.S. states have a Trade Secret Act that defines and protects trade secrets, but also companies should take independent steps to protect their trade secrets by using confidentiality agreements, non-disclose agreements, restrict access to computers with sensitive information and other measures. Businesses or individuals can register a copyright with the U.S. Copyright Office.
Registering intellectual property with the appropriate office provides a number of benefits including public record of the intellectual property claims, evidence of the validity of the intellectual property, and the possible recovery of damages and costs in successful intellectual property infringement litigation.
Once intellectual property is registered with the appropriate agency, businesses need to assert business torts claims against the individual or company infringing on their rights in order to protect their intellectual property, whether the violations are reckless, intentional or out of negligence. Business torts claims involving loss of intellectual property include copyright violations, misappropriation of trade secrets, patent infringement, trademark infringement, unfair, competition, interference with contract and business relations and others.
In the case of business torts and intellectual property, companies should assert business torts claims with increase regularity in order to receive compensation for any damages done to the companies regardless of whether the damages are immediate or ongoing. For business torts claims, companies can be awarded compensation based on the specific case and can include one or more of the following:
• Compensatory damages. Compensatory damages are calculated based on the amount of money it would be necessary to get your company back to the state it was in before the wrongdoing occurred.
• Punitive damages. Punitive damages are awarded in order to punish defendant for acting in a particularly malicious or reckless manner. Punitive damages are additional penalties that are not awarded to compensate the injured party for the injury but instead to punish defendant and deter others from acting in the same manner.
• Injunctive relief. Injunctive relief is an order prohibiting defendant from continuing with the damaging behavior.
Our US licensed trademark attorney in Miami, Florida USA assist with preparing, filing and registering trademarks and copyrights before the U.S. Patent and Trademark Office and U.S. Copyright Office.
In addition, we prepare and conduct preliminary trademark searches, risk assessment and trademark registration opinions. We protect the brand globally through registration and litigation and assist you with business torts and intellectual property. Contact us today or schedule a consultation.
Malescu Law P.A. – Intellectual Property Lawyers
