The United States Patent and Trademark Office defines a trademark or service mark as “any word, name, symbol, device, or any combination, used or intended to be used to identify and distinguish the goods or services of one seller or provider from those of others and to indicate the source of the goods or services.”
The name or logo of a company is its trademark, and it’s crucial to come up with a name and logo that stand out from the crowd so that clients can readily recognize you amid the competition.
Are trade names and trademarks interchangeable?
No. Simply said, your company’s “trade name” is the moniker it goes by in the marketplace. It’s simply a name; it doesn’t provide you with any rights to it beyond what you already have. The availability of a certain trade name will vary from state to state due to the fact that trade names are registered at the state level.
International trademark registration is one of the services Fintech Harbor Consulting can help you with.
Difference Between a Trademark and a Patent
According to the USPTO website, a patent is a property right granted by the US government to an inventor to prevent others from attempting to make, using, offering for sale, or promoting the invention throughout the US or having to import it into the US for a limited time in return for public disclosure of the invention.
Within one year after the first day on which the invention was detailed in a printed book, in public use, or on sale, the inventor must submit a patent application with the United States Patent and Trademark Office in order to maintain the right to a United States patent. Maintenance payments for a patent must be paid 3 ½ years, 7 ½ years, and 11 ½ years after the patent is awarded.
A trademark, as described above, is used to differentiate and identify a product or brand from others. Whereas the patent forbids others from creating and selling a certain product, a trademark offers exclusive rights to certain words, phrases or pictures used to designate a specific product.
Getting your trademark registered with the U.S. government
When launching a company, registering your trademark, logo, and/or business name should be an essential consideration. Below are six advantages of registering your trademark.
BENEFIT 1: Even if unregistered trademarks that are used in conjunction with the sale of goods or services may have some legal protection, the burden of proof is substantially greater should someone imitate or infringe upon your work.
Having a registered trademark on file affords the company owner extra rights, including assuming ownership, and lessens the burden of proof.
BENEFIT 2: Having your trademark registered can help you avoid legal complications if a third party claims that your brand is confusingly similar to theirs. If you mistakenly infringe upon someone else’s name or trademark, you might be sued by the registered trademark owner and may have to pay legal expenses and penalties as well as give up any revenues made under the unregistered mark.
You might even be ordered to pay damages to the owner of the registered mark. New marketing materials can cost extra money, especially if you have to rebrand your organization. You might also perhaps lose clients from the subsequent uncertainty about your goods or identity.
BENEFIT 3: Having the trademark registered offers your firm the legal right to use and promote the mark without interference from other businesses.
BENEFIT 4: Your trademark might also give you the right to take action against anybody who infringes it. Once you have your registered trademark, you may record it with the U.S. Customs and Border Protection, which will guarantee no counterfeit items are imported.
BENEFIT 5: You may use the sign, “®” after your trademark, which shows your brand is federally registered, adding to the status of your firm.
BENEFIT 6: If your firm wishes to expand into other nations, you may utilize your federal registration for overseas trademark applications.
Fintech Harbor Consulting can also help with obtaining an EMI banking license for the legal conduct of business.