Intellectual property (IP) is defined as property that develops through intellectual and creative processes. Intellectual property falls into the category of property known as intangible rights, which includes patents (inventions of processes, machines, artefacts, and compositions of matter), copyrights (original artistic and literary works), trademarks (trademarks), and trade secrets. ((formulas, models, product designs). Intellectual property rights have significant value for both individuals and businesses, providing, in the case of large companies, more than half of their value in terms of returns. Since the Intellectual property rights are so important to the United States economy and its citizens, federal and state law provides protection, for example, civil damages and criminal penalties to be assessed against infringers. Given the importance of intellectual property to a company, I don't think its protection and enforcement will be a thing of the past. Due to its intangible nature, and especially the growth of the digital domain and the Internet as a whole, computers and hacking make it easier for. people steal many forms of intellectual property. Due to this serious threat, intellectual property rights holders should take every single measure to protect their rights. Unless these rights are sold, exchanged, transferred, or properly licensed for use in exchange for monetary compensation, they should be protected at all costs. To protect these rights, federal and state governments have passed numerous laws and statutes to protect intellectual property from misappropriation and infringement. “The source of federal copyright and patent law originates in copyright and patent… middle of paper… one thing less susceptible than all others to exclusive ownership, is the action of the thinking power called an idea, which an individual can possess exclusively as long as he keeps it to himself; but the moment it is disclosed, it becomes the possession of everyone, and whoever receives it cannot dispossess it." (Jefferson, 1813). Works Cited Cheeseman, H., (2013). Business law: legal context, online commerce, business ethics and international issues. (8th ed.), (pp. 168-205). New Jersey: Pearson Education.Jefferson, T., (1803). Letter from Thomas Jefferson to Isaac McPherson. Retrieved from http://rack1. ul.cs.cmu.edu/jefferson/Yeh, B., (2012). Intellectual Property Rights Violations: Federal Civil Remedies and Criminal Penalties Related to Copyrights, Trademarks, and Patents. Retrieved from http://www. fas.org/sgp/crs/misc/RL34109.pdf