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EY Accounting - Business Acumen > Module 9 - Intellectual Property And The Law > Flashcards

Module 9 - Intellectual Property And The Law Flashcards

1
Q

Is intellectual property tangible or intangible?

A

Intangible

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2
Q

How does IP develop?

A

Human ingenuity and creativity

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3
Q

Who is the body responsible for registered IP rights?

A

Intellectual Property Office (‘IPO’)

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4
Q

The IPO categorised IP into four broad categories?

A

Copyright - art

Designs - shape / appearance / pattern

Trademarks - product names / logos / jingles

Patents - inventions

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5
Q

How are trade secrets protected? Eg a recipe

Why?

A

Keeping them a secret from competitors

Not protected by IPO

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6
Q

Types of protection depends on what?

A

The nature of the IP and how much protection you want

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7
Q

Is some IP automatic?

A

Yes

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8
Q

Do you have to apply to get protection from copyright? Eg music

A

No - it is automatically protected

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9
Q

Is an idea itself under copyright?

A

No, there some has to be some output to it

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10
Q

Is there a register of copyright material?

A

No

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11
Q

When are new works automatically protected by law with copyright?

A

From the date they’re created

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12
Q

What is copyright?

A

A right that allows the holder to prevent copying

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13
Q

Usual length of protection for literary, dramatic, musical and artistic work?

A

70 years after authors death

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14
Q

Usual lengths of protection for sound and music recording (copyright)

A

70 years from published

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15
Q

Usual lengths of protection for films (copyright)

A

70 years after the death of the director, screenplay author and composer

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16
Q

Usual length of copyright for films for broadcasts (copyright)

A

50 years from when it’s first broadcast

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17
Q

Usual length of protection (copyright) for layout of published editions of written dramatic or musical work

A

25 years

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18
Q

What is an “open source license”

A

Where the copyright owner wants to maintain ownership but not want to necessarily benefit from it commercially

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19
Q

What does an unregistered design right apply to?

A

3-dimensional shapes - the shape and configuration of these objects

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20
Q

Is there a database of unregistered design rights?

A

No

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21
Q

Does unregistered design right include colour, material, design, texture etc?

A

No

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22
Q

In order to protect colour, material, design, texture, what would they need to do?

A

Register the design

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23
Q

How long does an unregistered design last?

A

15 years after it was first created

OR

10 years after the design was first sold

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24
Q

How long does a trademark last?

A

Up to 10 years

Can be renewed 6 months before or after the expiry date

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25
Q

Is there a log of trademarks

Who maintains it?

A

Yes

IPO maintains a database of registered trademarks - members of the public can search and see if a particular trademark has been registered and find out who owns it

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26
Q

Does a trademark have to be distinctive?

A

Yes

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27
Q

Are there strict rules about what can and cannot be registered as a trademark?

A

Yes

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28
Q

Registered designs apply to what?

A

2-dimensional shapes and 3-dimensional shapes

It also extends to appearance in relation to the lines, contours, colours, and texture of the design

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29
Q

Registering a design protects it for how long?

A

25 years, although the application needs to be renewed every five years

30
Q

What are patents used for?

A

To protect inventions and innovations such as new products, drugs, and production methods

31
Q

Do patents allow you to stop anyone else using your invention without permission?

A

Yes

32
Q

In order to be granted a patent..

A

The invention must be new or involve an inventive new use of a known product

33
Q

Is the patent application process complex and expensive?

A

Yes

34
Q

What is the % of applicants that are awarded a patent without professional help?

A

1 in 20

5%

35
Q

How long does the patent application process usually take?

A

Around 5 years

36
Q

How expensive is the patent application process?

A

Can cost around £4,000 but can often be more

If international rights are brought in, it can cost over £50,000

37
Q

Is it crucial that there has not been any public disclosure of the invention before a patent application has been made? (Think of dragons den)

A

Yes

38
Q

What needs to be signed if having discussions about the invention with people who are not patent attorney?

A

A non-disclosure agreement (NDA)

39
Q

How long do patents last?

A

20 years from the initial filing date with annual renewal fees being required

40
Q

Is enforcing patent rights complex and expensive?

A

Yes

41
Q

Advantages of keeping IP in the business

A

Business retains exclusive rights to receive the income from the IP

Potential for long-term and ongoing income which excludes from the market to an extent

42
Q

Disadvantages of keeping the IP in the business?

A

Business is responsible for maintaining the value of the IP

The business might not be best placed to use the IP - no point having a brilliant oil idea if not access to oil

Company could lose competitive advantage if similar products are launched

43
Q

Can intellectual property be sold?

A

Yes

44
Q

Is valuing IP hard?

A

Yes

45
Q

Advantages of selling IP

A

No on-going commitment to maintaining or protecting the IP once it has been sold

There is an instant cash-injection into the business

46
Q

Disadvantages of selling IP?

A

The business no longer has a claim on the IP rights and loses any long term cash inflows which may be higher than the initial cash injection on the sale

Hard to establish and receive a fair price

47
Q

How does licensing with IP work?

A

You maintain the IP rights to any IP that a business owns and allow others to use it for a fee

48
Q

Advantages of licensing IP?

A

Could be steady, ongoing cash flows available from providing licenses

It might be possible to access market through licensing that the company cannot feasibly access by using IP themselves

49
Q

Disadvantages of licensing IP?

A

Business still responsible for protecting the IP

Risk there’s less income than just selling outright

Lose a bit of control over how it is used

Potential reputational risk

50
Q

What is franchising?

A

A specific form of licensing where a business grants license to someone which allows the franchisee to use the franchisers brand, technology, systems, processes to run an entire business

51
Q

Advantages of franchising

A

Low cost expansion method

New markers and locations can be accessed rapidly

52
Q

Disadvantages of franchising

A

Need to vet franchisees

Franchiser will have to provide ongoing support and take appropriate measures to protect the brand from damage

53
Q

When an entrepreneur is self employed and running a sole trader business, any IP created is owned by who?

A

Them

There is no legal distinction between the individual and the business

54
Q

When an employee creates IP in a business, who owns the IP?

A

The employer (the company owns it)

55
Q

With contractors, if contractors create IP who does it belong to? (Whilst working on a freelance basis)

A

It depends

Eg terms and conditions of any engagement agreed

56
Q

If an entrepreneur turns their business into a limited company, what can the relationship be liked between the owner and the limited company itself?

A

Pretty relaxed and informal

57
Q

If IP is create after incorporation, it is possible that the IP will automatically belong to who?

A

The limited company

Particularly if the owner of the business is also an employee

58
Q

If IP exists before incorporation, then the IP may be owned by?

A

The individual who can then choose to sell or license it to the limited company

59
Q

Can you use other people’s IP?

A

If there is a legal document showing an agreement, yes

60
Q

What is it called when you use someone else’s intellectual property without permission?

A

Infringement

61
Q

Can infringement happen on a much smaller scale?

Such as?

A

Yes

Eg using someone’s picture sourced from the internet without permission

62
Q

What is one of the first steps for dealing with potential IP infringements

A

Simply contact the other party and ask them to stop using the IP

Eg a cease and desist letter

63
Q

What is Agree to License or Credit

A

Where the IP owner agrees to license the IP to the party who is currently using the IP without permission

64
Q

Can companies sometimes agree to coexist? (Use the same IP at the same time?)

A

Yes

Dennis the menace example

65
Q

When would you use a mediator?

A

If, after discussions with the alleged infringer of IP rights, it has not been possible to come to a conclusion

66
Q

Who provides mediation services?

A

IPO

But any independent mediator can be appointed as well

67
Q

Is using a mediator usually cheaper than taking legal action through courts

A

Yes

But the exact cost will depend on the nature and complexity of the circumstances

68
Q

Is taking legal action usually a last resort?

A

Yes

69
Q

Is it possible to take legal action through the courts or through the IPO?

A

Both

More commonly the courts

But in certain circumstances through the IPO

70
Q

What is a risk of taking legal action?

A

Expensive

Time consuming

Might lose (Trunkee suitcases example)

EY Accounting - Business Acumen (16 decks)

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