When it comes to patents, there are two types. They include design and utility. Patents are useful when trying to protect an invention or a design for an invention. In order to be issued, the application must pass several tests. An example of utility patent would be a patent for television. A design would be a patent for a certain type or style of television. The United States Department of Commerce, Patent and Trademark Office, watches over and protects patents. In the U.S. the inventor must apply for the patent. Receiving a patent might take two years or more, so be patient. Once it has been approved, the filer is granted ownership of the patent. He or she is then able to license the patent to a third party for monetary gain, if he or she is interested in doing so. Understanding your patent rights is essential before any licensing should take place with a third party.