There are many reasons to trademark your business name. Before registering for a trademark, your intellectual property lawyer will conduct a thorough search to ensure no other company has your trademark. If you don’t register and later find another company has a similar trademark, you will have to redo your business cards, advertising, signs and stationery. If you need to change your name because someone else already trademarked it, you may risk losing customers.
Other advantages of registering a trademark include:
- Registering your trademark gives you the exclusive right to use it. If it is not registered, you can lose your right to expand.
- After registering your trademark, anyone using your mark can become an infringer and may have to award you with monetary damages. If you chose not to register, someone can sue you for using their trademark.
- If you fail to register your trademark, you may lose the option to expand outside the original business area.
- You may be entitled to financial compensation if another individual infringes upon your registered mark.
- Depending on the trademark law in your state, you may be given additional protection in an infringement action.
- If you do not register your mark and another registered owner has the same or a similar mark, he or she can sue you for infringement.
- If you are found guilty of infringement, you may have to rename your business, concede profits earned by the unregistered mark and pay additional damages, such as fines and attorneys' fees.