Nolan Accounting Center

 

4262 South 108th Street, Greenfield, WI 53228

 

Phone: 414-425-5690

Fax:     414-425-2373


Website: www.nolanaccounting.com

June 2021

Understanding Patents

Understanding Patents

Have you ever considered getting a patent for an innovative idea or product? There are different types of patents, so work with a patent attorney.


INVENTIONS
Utility patents protect the creation of useful products, processes or machines. It provides legal protection for up to 20 years should anyone copy your invention without a licensing agreement with you. Initial filing fees with the U.S. Patent and Trademark Office range from $80.00 to $860.00, but that doesn’t include the preliminary search for competitors, examination and maintenance fees which can tack on thousands more. Application processing can take a long time, so start early if you have a patentable product.


PROTECTING DESIGNS
If you want to protect an item’s design or aesthetics, not how it is produced, you’ll need a design patent. These patents have a 14-year life and overall cost is less than a utility patent.


PROS & CONS
In addition to protecting your product from copycats, a patent also can increase your chance of selling your idea.


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