In the Internet of Services vision services are seen as tradable goods. These goods can have an intangible character and might deliver functionality, content and other works, which are protected under copyright. However, currently there is no sufficient formalism to describe such intellectual property rights.In this paper we present a novel approach for modeling copyrights by using the legal code as the primary source. This enables us to build a legally compliant Copyright Ontology that can be specialized to different subject matters. Following this foundation we continue on the subject matter of services and model a Service License Ontology. Moreover, we demonstrate the applicability of this ontology by mapping license terms of a web service available on the Internet on our Service License Ontology. This demonstration also includes elements of the existing formalism of the Creative Commons license templates, and, by doing so, proves the compatibility of our approach in formalizing copyrights.