The term intellectual property (IP) covers the intangible non-financial, non-personnel, assets of a company and includes among many things: Patents; know-how; trade marks; goodwill; designs; business methods; recipes; trade secrets; plant varieties.  IP often represents the major part of the value of a business and yet too often is poorly protected. While many IP assets can be kept secret once, such secrecy is lost, then so too is the value of the IP.  With the improvement of analytical techniques, and the decline of life-time employment, secrecy is not as safe an option as it once was.
Other IP assets are not compatible with secrecy.  A secret trade mark is no use to anyone!
Some classes of IP may be protected by statutory registration.  The most commonly known registered IP rights are patents, designs, and trade marks such rights can open markets, hinder your competition and allow you to earn from your IP.