Once you market your creation, the registered design will gain importance. The design adds value to the product and is in many cases the main reason for purchase.
The SPTO does not carry out a prior art search for the designs requested. It is the responsibility of the design owner to enforce their registered design. A registered design warns competitors that you have an exclusive right, but if someone uses that design, or a similar design, without your permission, it is up to you to take action to stop such use.
Industrial property rights can be passed on, given as guarantees or be the object of real rights independently of whether ownership of the company has been wholly or partially transferred. For such actions with third parties to take effect in good faith, they must be registered with the SPTO.
The main taxable actions are:
licences: the rights holder permits the use or exploitation of the right by other people but retains "ownership"
usufruct: the holder grants right of use to a third party, which can involve the exploitation or use of the asset, or the income obtained from the licence payments made by others
Industrial property titles are granted for a specific territory and for a specific period of time, and may therefore expire. When this happens they fall into the public domain, i.e. they are no longer protected by IP laws.