A business owner may not always think about intellectual property (IP) rights. In any case, violating them could have serious financial consequences for your business, whether the violation was intentional or not. Your business could be exposed to lawsuits if you violate intellectual property. To avoid accidentally infringing upon someone else's rights, it is vital to understand what types of IP exist and how they are protected.
Intellectual property includes copyrights, trademarks, patents, and trade secrets. There could be thousands of dollars in fines and even jail time if violations are committed.