Like an individual person, a business can own property. It can own the building in which it is operated, the tools and machines it uses to build its products, and other physical items. Businesses in Florida can also own other nontangible items of property, and these items of property can often be referred to as intellectual property.
Intellectual property can be part of the business's branding or image. For example, trademarks on slogans and visual symbols can protect businesses from those who wish to profit from their recognizable advertisements. Additionally, intellectual property can include trade secrets or formulas that are part of their unique products and that distinguish them from their competitors.
A business may find itself embroiled in litigation over intellectual property in a number of ways. If, for example, another entity begins operating while using the same or substantially similar logo as the aggrieved entity then the victim may have a claim to stop the other from using the symbol. Also, a company that has a protected recipe for a particular item it sells may be able to get an injunction against another entity that gets a hold of the recipe and uses it to the detriment of the actual owner.
Businesses are more than just the buildings they exist in. They are made up of the ideas and concepts of their owners and employees and those nontangible assets are often critical to the businesses' successes. In order to protect themselves from future business litigation and legal claims, Florida businesses should take proper precautions to ensure that their intellectual property is protected. They should also be prepared to challenge any claims that may be brought against them by other companies for intellectual property infringement.