ABA Family Legal Guide

Forming and Operating a Small Business

Intellectual Property

Why do I need to know about intellectual property if I'm starting a small business?

A surprising number of small businesses have a stake in what is called intellectual property. Intellectual property is an intangible asset that consists of human knowledge or ideas. It might be just your logo or slogan. Maybe it is an audiovisual work or an original writing or some other creation for which a copyright is possible. Maybe it is a trade secret, such as a secret formula, or even a design that can be patented. Just like physical property--a building or a car--intellectual property can have value, and you should take steps to protect it.