IP Tech Knowledgy

In any transaction involving assets, take care to address intangible assets that are akin to, but not precisely, intellectual property. When purchasing a business, be sure the documentation properly assigns domain names, social media accounts, content on social media pages, licenses to use media and other digital assets. Because passwords are the key to controlling many of these assets, be sure they are addressed and ultimately transferred. Once the transaction is completed, the new owner should be sure all online registries contain the new owner’s contact information and all passwords have changed. Otherwise, important messages and renewals may not get to the new owner. An entity selling products should also consider transferring barcodes, ISBN numbers and other standardized identifiers of their products. However, sometimes these product identifications are entity specific and cannot be transferred. All of these considerations can become relevant in financing or other disposition of a business’s assets.

Ned T. Himmelrich
410-576-4171 • nhimmelrich@gfrlaw.com