Intellectual Property or IP is the process of creations of the mind in artistic and commercial type that involves designs, ideas, inventions, creative concepts, images, names and symbols to be use in the business. All business owners to stay profitable and to have distinct types of products and / or services into the industry generally protect intellectual property. It needed to control the ownership in all aspects to protect against the competitors.

Commonly, Intellectual property is into two categories, the Industrial and the Copyright property. Industrial refers to patents, trademarks, designs and source of natural features. While, Copyright includes the mythical and artistic works. Those things normally governed by government laws. Businesses need to register their IP to the respective government for their property protection. If the company registered their Intellectual Property, they will have the rights to control the adaptation and reproduction of their works thus they will be the sole owner that can benefit from their creation and will obtain a monopoly profits.

When the company registered to Intellectual property rights the government of intellectual effort and ingenuity grants them. It is very essential and practical to protect and register the IP in today’s industry. For the reason that we have a very good and still improving technology, thus it is very easy for everybody to copy or duplicate one’s property. If all people can access new ideas / concept of the inventors, then they have a small chance to reap monopoly income and others can have it duplicated at low cost and within a little time only, while creators spent much time, effort and money in researching, planning, testing and finalizing their inventions.

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