Trademarks refer to the brands or logos, which act as the identification marks of different companies and products. It helps the consumer to distinguish competitors from each other. Theses individual identification marks acts as the intellectual property of a company and trademark provides the required protection of these intellectual assets. The symbol TM means that a business has started with the use a particular identification mark as their Trademark. Any other commercial venture could not use it without permission. On the violation of intellectual property law, the company or party any file litigation in the court of law and sue the accused party for compensation.

Copyright is a means of protecting person’s intellectual property by ensuring that other people aren’t able to reproduce or adapt that original work. Copyright protection is required when a company, person or party has created some original material. The material includes literary work, dramatic work, any artistic work and any sound recording, etc. The copyright owner gets the exclusive right to:

• Copy or reproduce
• Distribute
• Perform
• Broadcast or adapt a work

A person wanting to reproduce a copyrighted work must look for permission from the copyright holder or the owner of the material. He could also check whether the owner has permitted to use the work through a license.

In the era of innovation, patent safeguards the process of the invention. The license gives the owner exclusive rights to create, use or sell it. Further, the owner can grant others the permission to build, use or sell it. Patent not only provides legal protection but enable the owner to enjoy the financial benefit of his or her invention by licensing the patent to another party.