Intellectual property (IP) is a term, which refers to a number of distinct types of legal monopolies over creations of the mind, both artistic and commercial, and the corresponding fields of law. Owners are granted certain exclusive rights to a variety of intangible assets under intellectual property law such as musical, discoveries and inventions, literary, and artistic works, words, phrases, symbols, and designs. Common types of intellectual property include copyrights, patents, trademarks, industrial design rights and trade secrets in some jurisdictions.
A patent does several things but the most important is that it protects your intellectual property rights. Intellectual property is anything of value that cannot be physically touched, such as a brand, a trademark, a franchise, or a patent - any insubstantial asset consisting of human knowledge and ideas. Copyright law protects original written work - Patent law protects processes and inventions - Trademark law protecting words, symbols and names, used by businesses and manufacturers to identify their services and goods - Trade secret law protecting valuable information that has been kept secret by its owner.