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Questions and Answers
What is the primary function of a trademark?
What symbol is used for a registered trademark?
How long does the validity of a trademark last before it needs renewal?
Which of the following works is protected by copyright?
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What is the duration of patent protection?
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Which of the following statements is true regarding copyright?
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What rights does a patent holder possess?
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Which of the following is NOT a form of trademark?
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What is the primary purpose of writing a business plan?
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Which type of company is registered under the Company Act 2013 and has 'Ltd' as part of its name?
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What must be included in the executive summary of a business plan?
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Which business form acknowledges partnerships among two or more people?
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What does the HUF business model primarily involve?
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Which element is NOT typically required in the company description section of a business plan?
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In the market research section of a business plan, what is emphasized?
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What is the role of the UDYAM portal?
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Study Notes
Intellectual Property (IP)
- IP is an intangible asset that is a creation of human intellect.
- IPRs are legally awarded ownership rights to inventors.
Trademark
- Distinguishes products and services from competition.
- Examples: logos, word marks, taglines, jingles, colors, sounds, gestures, holograms, animations and shapes.
- Rights include exclusive usage, licensing, assignment, and selling.
- Valid for 10 years, perpetual upon renewal every 10 years.
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Symbols:
- R - Registered Trademark
- TM - Unregistered Trademark
- SM - Unregistered Service Trademark
Copyright
- Automatically granted to authors upon creation of original intellectual work.
- Examples: books, literature, music, cinematography, paintings, maps, etc.
- Rights include distribution, public performance, lending, and audio transmission.
- Validity is the author's lifetime + 60 years.
- Registration is recommended, but not mandatory.
Patent
- Protection for new, original, and useful inventions.
- Rights include exclusive use and prevention of others' use.
- Validity is 20 years.
- Territorial right: separate registration required for each country.
Business Registration
Company: PVT/Ltd
- Registered under the Companies Act 2013.
- "Ltd" indicates a public company listed on the stock market.
Partnership
- Two or more individuals forming a partnership deed.
- Governed by the Partnership Act 1932.
- Partnership Deed regulates the rights and liabilities of all partners.
HUF: Hindu Undivided Family
- Family-based business where only blood-related family members can participate.
MSME
- Emerging business form with online registration portal: UDYAM.
- Registration is not mandatory, but highly recommended.
Business Plan
- Document describing a company's activities, revenue generation, and customer base.
- Internal use: Clarifies vision, organizes options.
- External use: Shares vision with lenders and investors.
Step 1: Executive Summary
- Summary pitch, includes:
- Mission statement
- Product/service description
- Financial growth plan summary
Step 2: Company Description
- Basic information:
- Registered business name
- Business location
- Key personnel
Step 3: Business Goals
- Objective statements outlining near-term and long-term goals.
Step 4: Products & Services
- Detailed description of offerings:
- Functioning of products/services
- Pricing model
- Target customers
- Supply chain and order fulfillment strategy
Step 5: Market Research
- Differentiates the company from competitors and includes:
- Identifying competitors
- Unique Selling Proposition (USP)
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Description
This quiz covers fundamental concepts of intellectual property (IP), including trademarks, copyrights, and patents. Test your understanding of these essential legal rights and their implications for creators and inventors. Explore examples and key terms to reinforce your knowledge of IP protection.
