Definition: A business’s legally protectable intangible assets, including patents, copyrights, trade names, domain names, trade secrets and trademarks or service marks. 

See Also: Trademark , service mark, patent, copyright.

Tips: IP can include both registered and unregistered IP. Registered IP includes patents, copyrights,  trade names, domain names, and trademarks or service marks. Non-registered IP can include a range of trade secrets and other proprietary intangible property. Non-registered IP is more difficult to protect, and therefore, stronger agreements are required prior to accepting an offer or LOI and allowing a buyer to perform due diligence on a business.