Patent

Written by Fmi.Online Thursday November 17, 2022
A patent is the exclusive, legal right to use a process or create and sell a product for 20 years. The US government has developed patent laws to give inventors and innovators motivation to keep pursuing new ideas and technology. The idea behind a patent is that if a person develops a new technology, manufacturing process, or device; he can patent it and prevent others from copying him for 20 years. This means the inventor can protect his creation and capitalize on it during the patent period.

Explanation:

Many people get patents, trademarks, and copyrights confused. Patents are only issued for a product design, functionality, or production process. Trademarks are issued for branding rights and copyrights are issued for other intangible property rights like music.A patent is an intangible asset to a company. Patents are similar to goodwill or natural resources rights. They are not expensed when bought; instead they are amortized of the useful life, which is 20 years.

In a nutshell:

  • A patent is the granting of a property right by a sovereign authority to an inventor. 
  • A patent provides the inventor exclusive rights to the patented process, design, or invention for a certain period in exchange for a complete disclosure of the invention.
  • In June of 2018, the U.S. Patent and Trademark Office issued its 10 millionth patent.
  • Utility patents are the most common patent issued in the United States, accounting for 90% of all issued patents.
  • Utility and plant patents are granted for 20 years, whereas design patents are granted for either 14 or 15 years, depending on when filed.
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