Trademarks and patents are important legal documents that protect your business by giving you complete rights and recognizing your products or services as your utmost intellectual right. While this is an important asset for your business, it isn’t a very short process. Before registering your business trademark and obtaining the relevant patent rights, you ought to consider the following factors:
- Stage of business
A trademark is deemed a source identifier signifying that the patented good or service has a particular source of origin. You will therefore only obtain a trademark right by actually using the mark. This means that you should be in business selling or packaging products or services with the mark on them.
- Business plan and location of business
For the trademark and patent rights to be implemented, your business plan and the location of the business is determined. Federal and state trademark registration depends on the location of your business. If you run a business in San Diego, you will have to show that your business is within San Diego and the law will determine if the trademark will have state or federal bounds to it.
The trademark rights are applicable where your products are manufactured, sold or where the services are rendered. A foreign jurisdiction may be added where the business plan has future expansion plans. The latter protects your business and will pay dividends later on.
- Use of the trademark
You cannot trademark a name that is already trademarked. You will also be sued for using another business’ name and this will be charged as an infringement. To avoid any of this from happening, you should consider talking to your lawyer who will undertake a name search for the trademarked business name. This saves you time and protects you in the future.
- The cost
The best road to trade marking is involving a business law attorney with vast experience in patent and trademark law. This process could be rather expensive since you will pay for the legal expenses of the lawyer and any other expenses that may come up in the process. This will save you time.
Alternatively, if you wish to save money, then you will have to factor in the learning costs and the time spent running in and out of offices. There is a lot to learn about in the trademarking world and this will take up significant time. You also run the risk of making mistakes or missing some steps, which will cost you a lot more later.
Maintenance and renewal fees for patents and trademarks are rather high in most cases. This means that you should factor in these costs against your revenue for a few years. Can you afford it? If not, then, it can wait.
- Licensing agreements
Keep in mind the legally binding agreements that you will have to sign. With the help of an experienced and a proficient lawyer, you will be able to sign favorable binding legal documents. It is always important to read the agreements thoroughly before signing them.
In conclusion, the factors stated above will guide you when choosing to apply and register for a trademark. You should also hire a renowned and a proficient lawyer worth the fees.
Anthony Simms is a business law attorney with vast experience in patent and trademark laws. You can get more business law consultation from him. Check out his company’s website for more.