Accountants are critical in preserving and the value of the intellectual property (IP) such as trademarks, patents, registered designs, and copyrights. The following are four theories why.
1. Intellectual Property (IP) registration
Patents, trademarks, and designs are all examples of IP that can be licensed. Registration is often the only successful method of IP security. Importantly, certain intellectual property, such as patents and designs, can only be secured until they fall into the infamous "public domain." Cheap accountants in London are ideally qualified to recognize where a company has potentially registrable IP via conversations with their clients.
Close working relationships between IP advisors and accountants are essential for preventing valuable IP from falling into the public domain. The irreversible loss of intellectual property (IP) will result in the loss of potentially lucrative revenue streams.
2. Plan of Exit
Many companies that rely on creativity for sales are preparing to sell. All of the IP issues listed above are addressed by having a solid exit strategy.
An effective exit from a firm, on the other hand, necessitates the involvement of a variety of skilled advisors, such as lawyers, patent attorneys, appraisers, and business brokers. As a result, a cheap small business accountant with an established and trusted professional network is in a unique position to assist with the efficient transition of IP assets and benefit maximmaximizationisation.
The story's takeaway
Beyond their unique area of practice, the best practitioners strive to bring value to their customers. A successful accountant understands the importance of intellectual property and when other practitioners can help secure it.
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