IP is short for Intellectual Property. Intellectual Property is something you create. It is imagination made real. It includes trademarks, copyrights, patents, and trade secrets. A person or company may own some or all of these types of intellectual property.
Patents protect inventions, like the light bulb or mp3 player.
A trademark is a brand name. Think of the name of your favorite cereal or shoes. Trademarks identify the source (maker or provider) of products and services.
Trademarks are usually words, designs, or a combination of words and a design. Other types of trademarks include colors, sounds, scents, and the way a product looks!
Copyrights protect original artistic and literary works, like plays or books.
Trade secrets protect confidential information, such as the secret formula for making a beverage.