Ontologies represent knowledge in a particular area. Intellectual Property (IP) Entities lifecycle lacks any explicit standard representation, and a semantic expression of its processes and rules would report a series of benefits. To formalise the expression of IP Entities and their relations, an Ontology Web Language (OWL) ontology is proposed to establish a common framework where the different interested parties can interact. As a demonstration, a sample application based on the ontology is described, where a central reasoning server receives qualified statements and queries over the ontology, giving the pertinent logical results.