Competency:Analyze the impact of intellectual property on business functions.Scenario:Your U.S. based company is a new start-up and they sell packaged consumer goods from dish detergent to fabric softener to air fresheners. They want to become the one-stop-shop for all household cleaning needs. Every product is guaranteed to be organic, sustainable, environmentally friendly, and will cost only $4.50 each. You work in the legal department and are assigned the duty to research what it will take to protect the company’s intellectual property rights; specifically, a trademark for their logo.Instructions:Prepare a flowchart in Microsoft Word for the given business situation that analyzes the impact intellectual property has on various business functions.Address the following using full detail and text within the flowchart:Start the flowchart by identifying the different intellectual property opportunities available to the company (such as registering trademarks, trade secrets and patents) and the process a company needs to undertake to secure its rights to those assets.Next, include in the flowchart the requirements to maintain intellectual property protections (such as renewal efforts) under federal, state (students should use their own state of residence regulations) and international laws as well as any other practical measures the company should undertake to protect their intellectual property rights.Provide a summary to the flowchart with an assessment of the impact of the digital era on intellectual property rights that the company needs to consider.Use at least three credible sources. These should be cited and in APA format.ResourcesFor assistance with business writing, please visit Business writingFor assistance with the flowchart, please visit How do I create a flowchart?For assistance with grammar checking, please visit How do I create a Grammarly account?