Intellectual PropertyIntellectual property is an incredibly complex facet of law. In the United States, we have many laws in place to control and limit profits from the intellectual property of others. The problem is not only profiting from other people's intellectual property, but also not buying the property from the author. We will discuss why it is important to protect this property as well as why it is extremely difficult to regulate all of these protective measures. “Intellectual property has the shelf life of a banana.” Bill GatesWhy Protect Intellectual Property “Protecting your intellectual property is crucial to your business. » (Hinson, 2014) When companies have intellectual property that is going to be popular or useful to advance their business, they must take steps to ensure that the ideas or prototypes are protected from others who may steal intellectual property. In the United States, many laws or safeguards must be followed in order to preserve intellectual property. A business owner has the right to protect their intellectual property because failure to do so could result in the demise of the business itself. Patents “A patent is an intellectual property right granted by the government of the United States of America to an inventor” to prevent others from making, using, offering for sale or selling the invention anywhere in the United States or to import the invention into the United States” for a limited time in exchange for public disclosure of the invention when the patent is granted. (“Patents,” 2014) There are three types of patents: utility, design, and installation. Utility patents protect useful processes, machines, manufactured articles, and composition of matter. Pro design patents...... middle of paper ...... y way.ReferencesBarnes, DW (2011). Cluttered intellectual property and impure public goods. Northwestern Journal of Technology and Intellectual Property, 9(8), 533. Retrieved from http://scholarlycommons.law.northwestern.edu/cgi/viewcontent.cgi?article=1152&context=njtipDepartment of commerce, United States Patent and Trademark Office ( 2014). Patents. Retrieved from website: http://www.uspto.gov/patents/Gordon M Snow (Chair), Deputy Director, Cyber ​​Division, Federal Bureau of Investigation. Intellectual Property Law Enforcement Efforts. (2011). Statement before the Senate Judiciary Committee, Washington, DC Retrieved from http://www.fbi.gov/news/testimony/intellectual-property-law-enforcement-effortsHinson, C. (2014). How and why to protect your intellectual property. Retrieved from http://www.alllaw.com/articles/intellectual_property/article5.asp