Intellectual property regards legal attachments to concepts. These concepts are original creations or new improvement on existing concepts. These ideas range from wide areas of: art works, musical ideas, authorship of books, scientific discoveries and innovations and computer innovations. Intellectual rights form one of the fundamental issues in business law. Due to the increasing innovation and integration of ideas into business concepts, it is essential that businesses take a deeper concern into ideas. As concerns property rights, both individuals and companies have a right to legal ownership of ideas (Miller & Jentz, 2010). Apart from that, intellectual property is becoming IT oriented because of the risk of placing information online. However, litigation due to IP rights infringement can be avoided by licensing. A license is an agreement between a creator and an intended user regarding a work.Intellectual property rights exist in various forms. The most common elements include trademarks, patents, copyrights, trade secrets and industrial designs. To begin with, this research explores the idea of trademarks. A trademark, as the name suggests, is a unique mark assigned to a product that makes it easily recognizable in a world of sea of products. Apart from the use in identification of a product, a trademark also states a product’s origin. Examples of trademarks include logos, emblems, mottos or drawings. The law protects the trademark used by a company or a person from use by another entity.