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, domain names and customer lists. An intellectual property audit involves the inventorying and valuing of the intangible assets.
Intellectual property audits are not only for large businesses. Businesses of all sizes can benefit from an intellectual property audit because all businesses typically have a considerable amount of intangible assets.
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 reveal 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, The Livingston Firm can help you make sound decisions about buying a business through 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.
Contact an Intellectual Property Law Attorney
For assistance from intellectual property attorneys experienced in conducting intellectual property audits, contact an attorney from our firm today to schedule a consultation. Call 888-312-8170 today. We assist clients nationwide, throughout the state of Florida and throughout Southwest Florida, including Naples, Bonita Springs, Estero, Sarasota, Marco Island and Cape Coral.