While preparing the Search and Status Report, it is important for professionals to conduct due diligence of the intellectual property rights, as tremendous worth is associated with the intangible assets of the business.

Key areas to be analysed while preparing the search and status report relating to Intellectual Property Rights are as under: What domestic and foreign patents (and patents pending) does the company have? Has the company taken appropriate steps to protect its intellectual property (including confidentiality and invention assignment agreements with current and former employees and consultants)? Are there any material exceptions from such assignments (rights preserved by employees and consultants)? What registered and common law trademarks and service marks does the company have? What copyrighted products and materials are used, controlled, or owned by the company? Does the company's business depend on the maintenance of any trade secrets, and if so what steps has the company taken to preserve their secrecy? Is the company infringing on (or has the company infringed on) the intellectual property rights of any third party, and are any third parties infringing on (or have third parties infringed on) the company's intellectual property rights? Is the company involved in any intellectual property litigation or other disputes (patent litigation can be very expensive), or received any offers to license or demand letters from third parties?