How Do I Protect My Intellectual Property in a Joint Venture?

Joint ventures involves two partners pooling their resources and efforts together to accomplish a goal, whilst remaining independent. This arrangement is usually set out in a joint venture agreement. For this reason, it’s important to protect your intellectual property to ensure your ideas remain yours. Below, we break down how to protect your intellectual property in a joint venture.

What is intellectual property?

Intellectual property includes all your current and future property in relation to your business. This may include your logo, business name, slogan, products, patents, data and processes. In short, anything that requires intellect to create and use, can be identified as intellectual property.

Owning intellectual property allows you the exclusive use of the product away from others. This is important when it comes to ensuring that your idea is as successful as possible. You don’t want someone stealing your property and also receiving the credit for it.

How to protect your intellectual property

Register the property as yours

In order to be able to protect your property, you have to ensure the property is yours. For help with this, an IT Lawyer may be able to assist.

Assigning the property

Once the property is owned, it may be assigned to third parties for use. In short, it’s a sale and transfer of the property to a third party. The owner will remain the original owner/creator, however, they relinquish their rights to the property. An Intellectual Property Agreement can help assign property.

Licensing the property

In contrast, the owner can provide a license of their intellectual property. This allows the owner to control the rights, and lease it out to clients for a limited time period. Licensing the property allows the owner to have greater rights in punishing others who breach the terms, as the rights to the property remain with you.

Final thoughts

It’s important to ensure that you protect your intellectual property. Without protecting your rights and choosing an appropriate method to distribute it, you risk others receiving the credit for your hard work.

Don’t know where to start? Contact us on 1800 529 728 to learn more about customising legal documents and obtaining a fixed-fee quote from Australia’s largest lawyer marketplace.

You may also like
Recent Articles

Get the latest news

By clicking on 'Sign up to our newsletter' you are agreeing to the Lawpath Terms & Conditions


Register for our free live webinar today!

Tax Strategies for Small Business Success

12:00pm AEDT
Thursday 25th July 2024

By clicking on 'Register for webinar' you are agreeing to the Lawpath Terms & Conditions

You may also like

The 2024 Federal Budget has unveiled a comprehensive package of measures designed to support small to medium enterprises (SMEs) in Australia, while also laying the groundwork for a "Future Made in Australia."
Default interest clauses can help protect lenders' interests, but sometimes they will not be enforceable. Find out more here.
Lying on your resume to get a job is never a good idea. In fact obtaining employment through fraud can actually land you in jail.

Thank you!

Your registration is confirmed. Keep an eye on your inbox for an email with details on how to watch the webinar.