It can be hard to know what type of Intellectual Property (IP) you have in your business. You may think that you don’t have any when, in reality, you might have a lot more than you think. The best way to find out is to sit down with an attorney and conduct an IP audit. This process will help you discover all the different types of IP that your business has developed and determine the most effective methods for protecting it.
What Is an IP Audit?
An IP audit is a comprehensive review of all the intellectual property owned by a business or individual. This includes trademarks, copyrights, trade secrets, patents, and any other assets that are considered intellectual property. During the audit, your attorney will work to explore each element of your business and identify any potential forms of IP. We will then create a list of these assets and make recommendations on how to protect them moving forward.
Why Is a Regular IP Audit Important?
An audit is important because it helps ensure that the assets of your business are protected from infringement or theft. Without one, you may not be aware of all the potential forms of IP that your business has created or acquired over time. With this knowledge, it’s easier to develop strategies for protecting those assets before someone else takes advantage of them first. Furthermore, having an up-to-date list of your company’s intellectual property can also be beneficial if you ever decide to sell or license those assets in the future.
The first quarter of the year, and especially as we head into tax season, is an excellent time to consider conducting an IP audit. You are already busy gathering data about your business or brand from a financial perspective, and much of what you’ll need to identify any new services or offerings that perhaps have gone unnoticed from an IP perspective is right at your fingertips! Now is the time to take advantage of this information and protect what you are working so hard to build. We are here to help you get started with this process, either virtually or at our Charleston-area law firm. To schedule an IP audit, contact us at (888) 666-0062 or click here to schedule an Initial Discover Session online.
DISCLAIMER: The information contained in this article is for informational purposes only and is not legal advice or a substitute for obtaining legal advice from an attorney.