Intellectual property means the intangible property which has been derived from the thought, intelligence and creativity of the creator. Intangible Assets like Business Name, Artwork, Designs, New Inventions in Technology, Songs, Novels and various other unique creations are categorized under Intellectual Property. Intellectual Property Rights or IPR has been derived from natural law beyond statute or precedent to the work when it is registered. This provides add-on advantage to the owner ensuring smooth and less cumbersome proceedings. Intellectual Property Rights ensures the protection of intangible assets against reproduction of the ideas created or ideas already existing. In short, IPR protects the ownership of the registered proprietor in respect of the product and not the product itself.