An individual has certain intellectual property rights (IPR) that derive from a patent, copyright, or trade secret. Such individual may wholly own them and do with such rights as they please, and many do, via licensing them to various manufacturers and companies to produce and sell the products, allowing a royalty type of revenue to accrue to the initial owner. Inventions and their impending patents, copyrights on books, records and CDs, and trade secrets of a company are items in need of protection. Protection through the law can be misunderstood, but is necessary to establish an owner’s legal rights to the product, no matter what that product may be. This chapter is concerned with the various laws and what they say. Where appropriate, the reader will be directed to further information that cannot be included here due to its data size and level of detail.