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A company’s ability to buy and sell property is essential to its long-term life and vitality.
IP) refers to the process by which ownership of work product created for a company by an employee or consultant is transferred to the entity.
This is usually achieved by having an employee or consultant sign an agreement that includes an explicit assignment of IP created during the course of their services to the company.
Selling unused or surplus intellectual property can have an immediate positive effect on a company’s finances, generating revenue and decreasing costs.
When it does come time to grow a business, companies looking to purchase property (including trademarks, software, or other intangible items) to support their growth must be sure that the seller does, in fact, have title to the desired pieces.
The owner of the intellectual property rights may transfer all or part of his rights - e.g.
the copyright owner could assign only some of his economic prerogatives.
The transfer of intellectual property rights is made upon a payment of a lump sum or royalties.
If you are contemplating creating a technology startup, an important part of the formation of the company should include an intellectual property (IP) assignment agreement.
Although the specific requirements for intellectual property rights assignments depend on the particular situation and vary from country to country, in most jurisdictions a valid IP assignment must at a minimum include the following: The assignment of intellectual property rights can be made as a separate transaction of intangible assets, or it may occur as part of much larger acquisitions of assets such as sales of business assets, mergers or stock purchases.
However, ownership of intangible assets is not affected by the mere acquisition of shares in a company.