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Ethics and Intellectual Property1Ethics and Intellectual PropertyMGT 320 – The Legal and Ethical Environment of BusinessColorado State University – Global CampusProfessor RogersDecember 16, 2015
Ethics and Intellectual Property2Ethics and Intellectual PropertyIntellectual property is the creation of the mind such as inventions, literary and artistic works, designs, symbols, names and images and it is intangible. There are four types of intellectual property: trademarks, copyright, patent and trade secret. The first three are protected under federal law and the last one is protected under state law. With each type of intellectual property, there is a length of time in which the business has to renew or it expires. As technologyis advancing, there are more inventions, ideas and products being discovered. So, it is necessary for businesses to protect their property from competing firms stealing their ideas. Protecting your creations can be the difference in no profit or millions of dollars in profit and maintaining a good reputation. There are laws and clauses that protect intellectual property. The Copyright Clause is a clause within Article I Section 8 of the Constitution that authorizes Congress to pass laws protecting intellectual property (Lau, 2011). In cases with patents, it not only protects the producer but also consumer. It protects the producer by creating a temporary monopoly by allowing them to sell their product for their chosen price. It protects the consumer because patents have an expiration date and it allows other companies to mimic the product and sell it for less.Potential Ethical IssuesThere are many ethical issues that arise when looking at intellectual property. There are issues with trade secret that include employees discretely using information at their current workplace and using it for financial gain with another employer.