A new business is an exciting and challenging journey. Getting set up correctly from the start will help you on the path to success.
You’re ready. You’ve worked out what registrations you need, you have an ABN, sought a trusted adviser, and checked if you need to register for GST or PAYG instalments. You’ve chosen a business name, have your website and social media accounts up and running and it’s time to hit go.
But wait – have you thought about trade marking your business name? Or worse, has someone else beaten you to it?
Trade marks are intellectual property. Other types of intellectual property include:
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patents
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design rights
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plant breeder’s rights
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copyright
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trade secrets.
While you don’t need a registered trade mark to apply for an ABN, registering a trade mark for your business name, logo, or other sign means you have exclusive rights to use your trade mark in Australia. Use TM Checker, IP Australia’s free trade mark checking tool, to see if a name already exists.
A registered trade mark is a licensable and saleable asset. It also provides a legal avenue to stop others from using it on similar goods and services. A 5-minute check can help save you a lot of disappointment and work.
Check out IP Australia for more information and get your trade mark sorted today.
Source: ato.gov.au August 2023
Reproduced with the permission of the Australian Tax Office. This article was originally published on /Small-business-newsroom/General/Thought-to-register-a-trade-mark-for-your-new-business-/?SmallBusNewsroomLanding.
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