Because your investment in your intellectual property is so significant, you need to know what is available to you to protect it. Through an IP audit assessment, the holes within your current protection can be identified so that you can see where you are vulnerable. Once the vulnerability is identified, a solution can be put in place.
Ovaile Law Group works with clients to perform a full legal audit of all intellectual property holdings in order to comprehensively evaluate where the holdings are the strongest and where they are the weakest.
What is an IP Audit
Most people do not know what intellectual property is, much less how to protect it. For example, your business name likely serves as a source identifier for your reputation. In other words, your business name could be your primary trademark. In addition, you may have original slogans, brochures, software programs, business agreements, images or other things used to identify your business that are all various forms of intellectual property. An intellectual property audit can serve a variety of functions, including:
+ identification of your intellectual property by establishing where you have trademarks, copyrights and trade secrets within your company;
+ identifying problems that exist within the ownership of the intellectual property;
+ identifying the defects in the enforceability or title of the intellectual property;
+ establishing which intellectual property has value within your business model;
+ developing strategies for the proper use of your intellectual property.
When Audits are Appropriate
There are certain occasions in which an intellectual property audit should be done, including:
+ when new intellectual property is created, such as a new product line or service line;
+ a potential or imminent merger, acquisition, or significant purchase of a stock;
+ a transfer of interest or the assignment of intellectual property;
+ development of a new program policy or client program;
+ creation of a new licensing program;
+ changes in the law;
+ financial transactions that involve intellectual property.
Need an Audit?
Whether you are a business that failed to secure your intellectual property when you first started out or if you have any other factor that would require your understanding of part or all of your intellectual property, you should conduct an IP audit. Ovaile Law Group can perform that audit for you. Learn more by calling 612-326-9733 and find out how an IP audit can work in your unique business situation.