How to decide Patent Ownership/ Assignee on Individual Name OR Business Name? This is a major question that plays through the mind of any patent applicant as to in whose name the patent filing if done will be beneficial. To give a solution this question, it depends upon the necessity of the applicant and hence a definite answer or solution to this question cannot be given. 4 vital points must be considered while deciding upon this factor.
How to decide Patent Ownership/ Assignee? They are as follows:
- Approximate Cost Incurred
For any patent applicant, filing a patent at the minimal cost is the utmost thing that can be achieved. In India, filing a patent application in the name of an individual is a cheaper option than filing it in the name of a company. It is advisable to file a patent application in the name of an individual if cost is the first and foremost thing that should be taken care of.
- Requirement of an Investor
For companies or individuals who are supported by investors, filing a patent application depends on the prerequisite of the investor. Generally, the investors prefer the application to be in the name of the company rather than in the name of individuals.
- Economy
A patent supported by a company will always earn higher revenue than that supported by an individual because of its credibility.
- Patent Infringement
If a patent is infringed then the remedy for infringement will make one eligible for an account of profits. In this scenario, if the patent is in the name of a company, then the damages granted will be much higher than that of a patent application which is in the name of an individual.
Inference
It will be wise decision for a company which has been recently incorporated to register a patent in the name of an individual as the finances might be quite less to support. A patent in the name of an individual in this scenario will help the company in two ways:
- The entire cost for registration will be much less than when an application is done in the name of a company.
- Before spending a fair amount for the registration process, the effectiveness of the patent can also be tested in the market.
Nevertheless, registering a patent application in the name of company adds to the worthiness of the patent. There is a feasible option like registering the patent application in the name of an individual, wait for the company to become stable in the market and thereafter transfer the patent right in the name of the company.
Related Resources: How to file Patent in India
