Understanding Intellectual Property: Types, Examples, and Importance - P7

BymWill Kenton

Reviewed by

Khadija Khartit

Fact checked by

Jared Ecker

Fact checked by Jared Ecker

Updated August 05, 2025

Source: Investopedia

Photo / Image Source: Unsplash,

Overview of Intellectual Property Categories

Intellectual property can consist of many types of intangibles.

Franchises

A franchise is a license purchased by a company, individual, or a party called the franchisee. It allows them to use the franchisor's name, trademark, proprietary knowledge, and processes.

A franchisee is typically a small business owner or entrepreneur who runs the store. The license allows the franchisee to sell a product or provide a service under the company's name. The franchisor is paid a start-up fee in return as well as ongoing licensing fees by the franchisee. Examples of companies that use the franchise business model include United Parcel Service (UPS) and McDonald's (MCD).

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