Intellectual PropertyIntellectual property is an incredibly complicated aspect of the law. There are many laws in the United States to control and limit profits from the intellectual property of others. The problem is not only profiting from the intellectual property of others, but also not purchasing the property from the originator. We will discuss why it is important to protect this property and why it is tremendously difficult to regulate all these security measures. “Intellectual property has the shelf life of a banana.” Bill GatesWhy Protect Intellectual Property"Protecting intellectual property is critical to your business." (Hinson, 2014) When companies own intellectual property that will be popular or useful in advancing their business, they must take steps to ensure that the ideas or prototypes are protected from others who may steal the intellectual property. In the United States, many laws or safeguards must be followed to preserve intellectual property. An entrepreneur has the right to protect intellectual property, because failure to do so could lead to 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 exclude others from making, using, offering for sale, or selling the invention in the United States or importing the invention into the United States" for a limited period in exchange for public disclosure of the invention upon grant of the patent." (“Patents,” 2014) There are three types of patents: utility, design, and plant. Utility patents protect useful processes, machines, articles of manufacture, and composition of matter. Design patents pro......half of the document......anyway. References Barnes, D. W. (2011). Congestable 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=njtipU.S. Department of Commerce, United States Patent and Trademark Office ( 2014). Patents. Retrieved from website: http://www.uspto.gov/patents/Gordon M Snow (President) Assistant Director of the Computer 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