Your business name is something unique that helps set your products and services apart from the competition. However, unique business names are not always easy to come up with. In most cases, a business owner has spent a great deal of time choosing the right name for their business, and large amounts of money have been invested into branding this name. The last thing you want is for it to be stolen out from under your feet. So, how do you protect it?
Protecting Your Business Name
Step One – Register your name
The first step in protecting your business name involves ensuring that your business is registered in accordance to the law. When you register a business name, make sure to note the date of initial use, as it’s more essential than the date of registration. The date of initial use gives the owner exclusive rights over the business name. Registration of a business name is mainly done by the registrar of companies. To start the registration process the business owner is requested to propose his or her preferred business. The registrar then performs a business name search to ascertain whether there are businesses with similar or identical business names. If no other matching business name is found the register gives rights to the business owner to use the name.
Step Two – Identify intellectual property rights
The next step requires the business owner to identify their intellectual property rights. This limits the use of the owner’s original idea by others for exploitation or personal gain. Intellectual property rights are granted in the form of patents or trademarks. This helps in encouraging future innovation and investments. Businesses that violate the intellectual property law are liable for prosecution by the other business.
Step Three – Keep your records safe
The third step involves keeping business records safe and stored in a systematic manner. Business documents should be easy to locate and access when required. The documents will act as a proof of ownership in case of a dispute.
Following these steps will help you to protect your business name. At Gutglass, Erickson, Bonville & Larson, we understand the challenges of dealing with legal issues for your business and we are here to help. Give us a call and we will be happy to answer all your questions. Call us today at (414) 273-1144.