Property Essay

456 WordsJul 2, 20142 Pages
Property Comparison Paper Jonathan Shoop, Haywood Lewis, Chaka Clark, LAW/575 Business Law for Consultants June 30, 2014 Karen Hutchins It is important that people at all levels know how individual laws affect them and their business. Companies are facing lawsuits for many different reasons. A large majority of lawsuits are due to property related causes. Property falls into one of three categories, personal, real, and intellectual. According to Raynes (2008) all business owners need to understand what category their property falls in, and how to protect their investment. Additionally, employees need to be made aware of their responsibilities when it comes to obeying those laws. It is important owners get liability insurance to protect from lawsuits. In this paper we will identify the different types and how they compare with each other. Personal property is anything that is considered as movable. Real estate is a good comparison when discussing personal property, because real estate is fixed and cannot be moved to a different location. Personal property can be moved from place to place and typically includes such things as computers, cars, jewelry, clothing and appliances. Personal property is divided in two basic categories: tangible and intangible. Property that an individual can physically touch is considered to be tangible personal property. Intangible personal property is items like copyrights that cannot be touched. When looking at Intellectual property you are really reviewing the efforts and creative processes of someone’s mind. This someone could be an individual or an organization based on the type of relationship and contract that you have within an organization. Intellectual property can be trademarks, training materials, recipes, copyrights, patents, etc. These items of intellectual property should all be registered as patents and

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