Must read before starting a business (or for business already started). It is about Trade Mark
What is Trademark?
A trademark (popularly known as brand name) in layman’s language is a visual symbol which may be a word signature, name, device, label, numerals or combination of colours used by one undertaking on goods or services or other articles of commerce to distinguish it from other similar goods or services originating from a different undertaking. The legal requirements to register a trademark under the Act are:
The selected mark should be capable of being represented graphically (that is in the paper form).
It should be capable of distinguishing the goods or services of one undertaking from those of others.
It should be used or proposed to be used mark in relation to goods or services for the purpose of indicating or so as to indicate a connection in the course of trade between the goods or services and some person have the right to use the mark with or without identity of that person.
Trademark protection refers to safeguarding intellectual property rights to protect a trademark from counterfeiting and infringement of your goods & Serices. A trademark is an established or legally registered mark that identifies a manufacturer’s unique goods and services. The owner of a distinctive mark can apply to receive trademark protection. However, trademark protection also requires you to continually use the mark in commerce.
To protect your trademark from infringement and counterfeiting, you need to make sure your mark is not used by others, and you need to bring legal charges against those who use your mark without permission. By conducting research, you can develop a strong trademark or service mark that other competitors will find difficult to steal.
Why to register your Business (Goods or Services) under Trademark-
While it is not required by law, it is a good idea to register the name of your business as a trademark. In the event that another business tries to use the same or similar name, you will have legal recourse to stop it. A trademarked name marks all of your products and services as yours and no one else’s and can also protect you from counterfeit products.
Many banks will not allow you to open a business account under your business name if it is not trademarked. Some banks will allow a DBA, which is short for “doing business as.” DBA’s create a registered fictitious business name but do not provide legal protection like a trademark.
Trademarking also gives you legal ownership in specific locations, be they local, state, or nationwide. With a trademark, you retain exclusive rights to mark your products, with no one else being allowed to use your symbol, name, or slogan in that particular region.
Trademarks are also used as a way of protecting consumers. When businesses are responsible for any products or services bearing their trademark, they tend to take more pride in products. To maintain a good reputation, trademarked companies will often work harder to provide quality services and products.
Trademarks provide protection for both businesses and consumers, making them an important part of running a successful company.
The Registered Proprietor of a trademark can create establish and protect the goodwill of his products or services, he can stop other traders from unlawfully using his trademark, sue for damages and secure destruction of infringing goods and or labels.
The Legal professionals render services to the entrepreneurs regarding selection registration and protection of trademarks and get remunerations for the same
The Purchaser and ultimately Consumers of goods and services get options to choose the best.
The registration of a trademark confers upon the owner the exclusive right to use the trademark in relation to the goods or services in respect of which the mark is registered and to indicate so by using the symbol (R), and seek the relief of infringement in appropriate courts in the country. The exclusive right is however subject to any conditions entered on the register such as limitation of area of use etc. Also, where two or more persons have registered identical or nearly similar marks due to special circumstances, such exclusive right does not operate against each other.
Trademarks can appreciate in value over time. The more your business reputation grows, the more valuable your brand will be.
Trademarks provide value beyond your core business. Trademarks can lead the way for expansion from one industry to another, such as from personal care to clothing or eye ware. If you desire it, your trademark can lead to the acquisition of your business by a larger corporation.
Trademarks are a property asset, similar to real estate that can be bought, sold, licensed (like renting or leasing) or used as a security interest to secure a loan to grow your business.
5 reasons Trademark registration is important for your business-
1.Trademarks are an effective communication tool.
2.Trademarks make it easy for customers to find you.
3.Trademarks allow businesses to effectively utilize the Internet and social media.
4.Trademarks are a valuable asset.
5.Trademarks never expire.
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