Inventions, literary and artistic works, designs, symbols, names, and pictures utilized in business are examples of intellectual property (IP). Individuals and corporations can obtain recognition or financial rewards from what they innovate or create because intellectual property is legally protected. There are various sorts of intellectual property, each with its own set of safeguards.

Here are some of the most common types:

1.Patents: Patents grant inventors exclusive rights to their inventions, which can be novel, useful, and non-obvious items, processes, or procedures. They give inventors the right to prevent others from creating, using, selling, or importing their protected invention without permission for a set length of time, usually 20 years from the date of filing.

2.Copyright: This legal term refers to the protection of original works of authorship such as literature, music, films, art, software code, and architectural designs. It grants the creator the only right to copy, distribute, display, perform, and create derivative works based on their original work. Depending on the country's regulations, copyright protection lasts for the author's lifetime plus an additional number of years (e.g., 70 years) after their death.

3.Trademarks : Trademarks are symbols, names, logos, phrases, or designs that are used to identify and distinguish one seller's goods or services from those of another. They assist consumers in associating specific brands with quality and reputation. Trademark protection stops others from utilizing identical marks that could lead to customer misunderstanding.

4.Trade Secrets : Trade secrets are confidential and valuable knowledge that provides a corporation with a competitive advantage. Formulas, production methods, client lists, marketing plans, and other items may be included. Trade secrets, unlike patents, are protected for as long as they remain confidential, therefore there is no time limit.

5.Industrial design rights : It  protect a product's visual appearance, including its shape, configuration, pattern, or ornamentation. These rights forbid others from creating or selling things that seem very similar.

6.Plant Variety Protection (PVP): For a limited time, PVP allows breeders of novel plant varieties exclusive rights to produce, sell, and distribute those varieties. This protection promotes the evolution of new plant species and ensures that breeders profit from their investments.

It is crucial to note that intellectual property rules and regulations differ from nation to country, and expert legal assistance is required to properly understand and protect your intellectual property rights. Furthermore, certain creations may be qualified for numerous types of protection, and selecting the appropriate form of intellectual property (IP) can have a substantial impact on an individual's or business's competitive edge and long-term success.