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A named patent applicant is the legal owner of a patent application or granted patent. This may be an individual or, more commonly, a company, university or other legal entity. An applicant is named as part of the patent application process and is the legal holder of the rights to any resulting granted patent.
The United States Code authorizes anyone who invents or discovers inventive subject matter to obtain a patent. An inventor is one who, alone or with others, first invents a new and useful process, machine, composition of matter, or other patentable subject matter.
A patent or patent application is assignable by an instrument in writing, and the assignment of the patent, or patent application, transfers to the assignee(s) an alienable (transferable) ownership interest in the patent or application. 35 U.S.C. 261.
In the US, the inventor is presumed to be the initial owner of a patent or patent application. If there is more than one inventor, there may be more than one owner. Ownership can be transferred or reassigned.
The general rule is that you own the patent rights to an invention you create during the course of your employment unless you either: signed an employment agreement assigning invention rights, or. were specifically hired (even without a written agreement) for your inventing skills or to create the invention.
If you do creative, engineering, design, or development work, your employer might ask you to sign an invention assignment agreement: a contract giving your employer ownership rights in inventions and intellectual property you develop during your employment.
A patent can only be applied for by the legal owner of the invention ('patent applicant'). The inventor is the legal owner of the invention unless this has been assigned to another party under a contract or by applicable law (see below).
During examination of a pending patent application or after the patent is granted, the owner of the patent may change: 1) the original owner may transfer ownership to another entity or party, through an "assignment;" or 2) the original owner may retain ownership but change its name.