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.