Intangible property

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Intangible property, also known as incorporeal property, describes something which a person or corporation can have ownership of and can transfer ownership to another person or corporation, but has no physical substance, for example brand identity or knowledge/intellectual property. It generally refers to statutory creations such as copyright, trademarks, or patents. It excludes tangible property like real property (land, buildings, and fixtures) and personal property (ships, automobiles, tools, etc.). In some jurisdictions intangible property are referred to as choses in action. Intangible property is used in distinction to tangible property. It is useful to note that there are two forms of intangible property: legal intangible property (which is discussed here) and competitive intangible property (which is the source from which legal intangible property is created but cannot be owned, extinguished, or transferred). Competitive intangible property disobeys the intellectual property test of voluntary extinguishment and therefore results in the sources that create intellectual property (knowledge in its source form, collaboration, process-engagement, etc.) escaping quantification.

In jurisprudence, a natural person is a person that is an individual human being, as opposed to a legal person, which may be a private or public organization. Historically, a human being was not necessarily a natural person in some jurisdictions where slavery existed rather than a person.

Corporation Separate legal entity that has been incorporated through a legislative or registration process established through legislation

A corporation is an organization, usually a group of people or a company, authorized by the state to act as a single entity and recognized as such in law for certain purposes. Early incorporated entities were established by charter. Most jurisdictions now allow the creation of new corporations through registration.

Intellectual property (IP) is a category of property that includes intangible creations of the human intellect. There are many types of intellectual property, and some countries recognize more than others. The most well known types are copyrights, patents, trademarks, and trade secrets. It was not until the 19th century that the term "intellectual property" began to be used, and not until the late 20th century that it became commonplace in the majority of the world.

Contents

Generally, ownership of intangible property gives the owner a set of legally enforceable rights over reproduction of personal property containing certain content. [1] For example, a copyright owner can control the reproduction of the work forming the copyright. However, the intangible property forms a set of rights separate from the tangible property that carries the rights. For example, the owner of a copyright can control the printing of books containing the content, but the book itself is personal property which can be bought and sold without concern over the rights of the copyright holder.

In English law and other Commonwealth legal systems, intangible property is traditionally divided in pure intangibles (such as debts, intellectual property rights and goodwill) and documentary intangibles, which obtain their character through the medium of a document (such as a bill of lading, promissory note or bill of exchange). The recent rise of electronic documents has blurred the distinction between pure intangibles and documentary intangibles.

English law Legal system of England and Wales

English law is the common law legal system of England and Wales, comprising mainly criminal law and civil law, each branch having its own courts and procedures.

Commonwealth of Nations Intergovernmental organisation

The Commonwealth of Nations, normally known as the Commonwealth, is a political association of 53 member states, nearly all of them former territories of the British Empire. The chief institutions of the organisation are the Commonwealth Secretariat, which focuses on intergovernmental aspects, and the Commonwealth Foundation, which focuses on non-governmental relations between member states.

Goodwill (accounting) accounting

Goodwill in accounting is an intangible asset that arises when a buyer acquires an existing business. Goodwill represents assets that are not separately identifiable. Goodwill does not include identifiable assets that are capable of being separated or divided from the entity and sold, transferred, licensed, rented, or exchanged, either individually or together with a related contract, identifiable asset, or liability regardless of whether the entity intends to do so. Goodwill also include contractual or other legal rights regardless of whether those are transferable or separable from the entity or other rights and obligations. Examples of identifiable assets that are goodwill include a company’s brand name, customer relationships, artistic intangible assets, and any patents or proprietary technology. The goodwill amounts to the excess of the "purchase consideration" over the total value of the assets and liabilities. It is classified as an intangible asset on the balance sheet, since it can neither be seen nor touched. Under US GAAP and IFRS, goodwill is never amortized. Instead, management is responsible for valuing goodwill every year and to determine if an impairment is required. If the fair market value goes below historical cost, an impairment must be recorded to bring it down to its fair market value. However, an increase in the fair market value would not be accounted for in the financial statements. Private companies in the United States, however, may elect to amortize goodwill over a period of ten years or less under an accounting alternative from the Private Company Council of the FASB.

Further reading

Social Science Research Network open access eLibrary

The SSRN, formerly known as Social Science Research Network, is a repository and international journal devoted to the rapid dissemination of scholarly research in the social sciences and humanities and more. Elsevier bought SSRN from Social Science Electronic Publishing Inc. in May 2016.

See also

Industrial property is one of two subsets of intellectual property, it takes a range of forms, including patents for inventions, industrial designs, trademarks, service marks, layout-designs of integrated circuits, commercial names and designations, geographical indications and protection against unfair competition. In some cases, aspects of an intellectual creation, although present, are less clearly defined. The object of industrial property consists of signs conveying information, in particular to consumers, regarding products and services offered on the market. Protection is directed against unauthorized use of such signs that could mislead consumers, and against misleading practices in general.

A web property is a point of presence on the web that is an asset of an entity used for the purpose of representing a brand, person or other identity. The property can be considered a communication channel for the entity whose identity is associated with it. Points of presence on the web which contain content about an entity may not be property that can be owned by that entity.

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In law, copyright is the exclusive right, given to the creator of a work, to reproduce the work, usually for a limited time. Copyright protects the original expression of an idea in the form of a creative work, but not the idea itself. A copyright is subject to limitations based on public interest considerations, such as the fair use doctrine in the United States.

Property, in the abstract, is what belongs to or with something, whether as an attribute or as a component of said thing. In the context of this article, it is one or more components, whether physical or incorporeal, of a person's estate; or so belonging to, as in being owned by, a person or jointly a group of people or a legal entity like a corporation or even a society. Depending on the nature of the property, an owner of property has the right to consume, alter, share, redefine, rent, mortgage, pawn, sell, exchange, transfer, give away or destroy it, or to exclude others from doing these things, as well as to perhaps abandon it; whereas regardless of the nature of the property, the owner thereof has the right to properly use it, or at the very least exclusively keep it.

Personal property is property that is movable. In common law systems, personal property may also be called chattels or personalty. In civil law systems, personal property is often called movable property or movables – any property that can be moved from one location to another.

Criticism of copyright movement dissenting the nature of current copyright law

Opposition to copyright or anti-copyright is opposition to the current state of copyright law, or perhaps copyright as a concept. Opposition groups often criticize philosophical, economical, or social rationales of such laws and the laws' implementations, the benefits of which they claim do not justify the policy's costs to society. Adherents advocate for changing the current system, though different groups have different ideas of what that change should be. Some call for remission of the policies to a previous state—copyright once covered few categories of thing and had shorter term limits—or they may seek to expand concepts like Fair Use that allow permissionless copying. Others seek the abolition of copyright itself.

Ownership is the state or fact of exclusive rights and control over property, which may be an object, land/real estate or intellectual property. Ownership involves multiple rights, collectively referred to as title, which may be separated and held by different parties.

Publication output of the act of publishing, and also refers to any printed copies; distribution of copies to the general public with the consent of the author

To publish is to make content available to the general public. While specific use of the term may vary among countries, it is usually applied to text, images, or other audio-visual content, including paper. The word publication means the act of publishing, and also refers to any printed copies.

An intangible asset is an asset that lacks physical substance. It is defined in opposition to physical assets such as machinery and buildings. An intangible asset is usually very hard to evaluate. Patents, copyrights, franchises, goodwill, trademarks, and trade names. The general interpretation also includes software and other intangible computer based assets are all examples of intangible assets. Intangible assets generally—though not necessarily—suffer from typical market failures of non-rivalry and non-excludability.

Goods tangible and intangible thing, except labor tied services, that satisfies human wants and provides utility

In economics, goods are materials that satisfy human wants and provide utility, for example, to a consumer making a purchase of a satisfying product. A common distinction is made between goods that are tangible property, and services, which are non-physical. A good may be a consumable item that is useful to people but scarce in relation to its demand, so that human effort is required to obtain it. In contrast, free goods, such as air, are naturally in abundant supply and need no conscious effort to obtain them. Personal goods are things such as televisions, living room furniture, wallets, cellular telephones, almost anything owned or used on a daily basis that is not food related. Commercial goods are construed as any tangible product that is manufactured and then made available for supply to be used in an industry of commerce. Commercial goods could be tractors, commercial vehicles, mobile structures, airplanes and even roofing materials. Commercial and personal goods as categories are very broad and cover almost everything a person sees from the time they wake up in their home, on their commute to work to their arrival at the workplace.

A copyright is the legal protection extended to the owner of the rights in an original work. Original work refers to every production in the literary, scientific, and artistic domains. The Intellectual Property Office (IPOPHL) is the leading agency responsible for handling the registration and conflict resolution of intellectual property rights and to enforce the copyright laws. IPOPHL was created by virtue of Republic Act No. 8293 or the Intellectual Property Code of the Philippines which took effect on January 1, 1998, under the presidency of Fidel V. Ramos.

In Germany, photo rights or "Bildrechte" are the copyrights that are attached to the "author" of the photograph and are specified in the "Law for Copyright and similar Protection". These rights deal with rights of reproduction, distribution, modification, attribution, and prohibitions against illegal modification or reproduction. The ownership rights of a picture are treated under the broader "art copyright laws". Furthermore, if a museum or gallery owns a work of art or a photograph, they are permitted to make their own stipulations as to the selling of illustrations and reproductions of their property. This relates to the German legal concept of the right of owner to undisturbed possession. Wolf Vostell said: "Copyrights are like human rights".

Intangible cultural heritage class of UNESCO designated cultural heritage

An intangible cultural heritage (ICH) is a practice, representation, expression, knowledge, or skill, as well as the instruments, objects, artifacts, and cultural spaces that are considered by UNESCO to be part of a place's cultural heritage. Intangible cultural heritage is considered by Member States of UNESCO in relation to the tangible World Heritage focusing on intangible aspects of culture. In 2001, UNESCO made a survey among States and NGOs to try to agree on a definition, and the Convention for the Safeguarding of Intangible Cultural Heritage was drafted in 2003 for its protection and promotion.

Intellectual property assets such as patents are the core of many organizations and transactions related to technology. Licenses and assignments of intellectual property rights are common operations in the technology markets, as well as the use of these types of assets as loan security. These uses give rise to the growing importance of financial valuation of intellectual property, since knowing the economic value of patents is a critical factor in order to define their trading conditions.

Tangible property in law is, literally, anything which can be touched, and includes both real property and personal property, and stands in distinction to intangible property.

The following outline is provided as an overview of and topical guide to intellectual property:

Asset economic resource, from which future economic benefits are expected

In financial accounting, an asset is any resource owned by the business. Anything tangible or intangible that can be owned or controlled to produce value and that is held by a company to produce positive economic value is an asset. Simply stated, assets represent value of ownership that can be converted into cash. The balance sheet of a firm records the monetary value of the assets owned by that firm. It covers money and other valuables belonging to an individual or to a business.

Japanese copyright laws consist of two parts: "Author's Rights" and "Neighbouring Rights". As such, "copyright" is a convenient collective term rather than a single concept in Japan. Japan was a party to the original Berne convention in 1899, so its copyright law is in sync with most international regulations. The convention protected copyrighted works for 50 years after the author's death. However, in 2004 Japan extended the copyright term to 70 years for cinematographic works. At the end of 2018, as a result of the Trans-Pacific Partnership negotiations, the 70 year term was applied to all works. This new term is not applied retroactively; works that had entered the public domain between 1999 and 2018 by expiration would remain in the public domain.

In Anglo-Saxon law, an exclusive right, or exclusivity, is a de facto, non-tangible prerogative existing in law to perform an action or acquire a benefit and to permit or deny others the right to perform the same action or to acquire the same benefit. A "prerogative" is in effect an exclusive right. The term is restricted for use for official state or sovereign powers. Exclusive rights are a form of monopoly.

The philosophy of copyright considers philosophical issues linked to copyright policy, and other jurisprudential problems that arise in legal systems' interpretation and application of copyright law.

Copyright infringement Intellectual property violation

Copyright infringement is the use of works protected by copyright law without permission for a usage where such permission is required, thereby infringing certain exclusive rights granted to the copyright holder, such as the right to reproduce, distribute, display or perform the protected work, or to make derivative works. The copyright holder is typically the work's creator, or a publisher or other business to whom copyright has been assigned. Copyright holders routinely invoke legal and technological measures to prevent and penalize copyright infringement.

References

  1. "What are intangibles? | RoyaltyRange". www.royaltyrange.com. Retrieved 2018-11-06.