Intellectual property refers to a product of the human mind that is protected by law from unauthorized users. In order to properly protect your intellectual property, you must copyright, patent, or trademark your idea or have it classified as a trade secret. This will create a limited monopoly on your intellectual property and protect it should someone else try to use it or steal it.
Though the laws for intellectual property are similar to those for tangible property, they are considered completely separate entities, and are, therefore, governed individually. HSNO professionals are well versed in all intellectual property laws to help you determine if someone has been illegally using your intellectual property. Because the information involved in intellectual property is characterized as non-rivalrous, it inherently means that the same product can be used simultaneously by multiple people, and the value of the product does not diminish from user to user. This makes it more difficult to determine if theft has occurred. With traditional property, it is much easier to see if a physical item has been stolen by one person from another.
This is where our forensic accountants come in. We ensure that the proper forms of registration were performed on the intellectual property to protect it and you in court. We then use our experience in this area to investigate and provide documentation and proof that a theft has occurred.
The goal of the laws regarding intellectual property is to ensure that the creator and/or owner receives adequate compensation for their ideas and efforts. There is no other way of assessing monetary value on an idea. With tangible property, the object is subject to exclusive possession, meaning it can only be in the possession of one person at any given time. By regulating the use of a person’s intellectual property, the individual is provided with compensation and recognition for the idea they have created.
HSNO can help you when your intellectual property is misused by assessing the resultant monetary damages. Understanding all of the rules and regulations of how to go about this can become overwhelming and confusing. An HSNO accountant can take the frustration out of this process and ensure that all paperwork is filled out accurately and easily.