Why an Intellectual Property Audit Is Important
When an individual purchases a business, he or she generally acquires both the tangible and intangible assets of the business. Tangible assets include buildings and equipment, while intangible assets may include assets such as patents, trademarks, trade secrets, and domain names. An intellectual property audit involves the inventorying and valuing of the intangible assets of a business.
Intellectual property audits are not only for large businesses. Businesses of all sizes can benefit from an intellectual property audit.
An intellectual property audit is important for the following reasons:
- To maximize protection of intellectual property;
- To minimize the risks of infringement;
- To prevent forfeiture of intellectual property rights;
- To ensure there are no defects in title to a business’ intellectual property; and
- To determine if a business needs to file patent, copyright and/or trademark applications.
The size and scope of an IP audit depends on the size and type of business being audited. No matter what type of business you are considering purchasing, Henderson Franklin’s intellectual property attorneys can help you make sound decisions about buying a business by conducting an IP audit. Our firm can also identify intellectual property issues in your current businesses of which you may not be aware. Our attorneys are experienced in these matters and can help you determine the scope and level of intellectual property ownership and protection currently in place and what protection is needed in the future.
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Contact us today to discuss your intellectual property litigation questions with an attorney. If you would like to send us an e-mail, simply complete and submit the online form below.