Importance of Trademarks in Business:

A trademark in the layman’s language is popularly known as a brand name of any goods or service. Legally, it means any symbol, name, label, word or combination of words, the colour used, or combination of colours, numerals, designs or other articles of commerce used to distinguish the #goodsandservices of one business to that of other similar goods and services originated from that of another. A trademark provides protection and exclusive right to the owner of the goods and services to use it, exclude others, or authorise another to use the same in return for a certain payment. This protection has been enforced and governed by the court of law which has the authority to block the trademark infringement by restricting others from using a similar mark as that of the owner of the mark.

In keeping with the evolution of the #trademark #law, any person, which can be an individual, company, proprietor or any legal entity claiming to be the trademark owner, can make an application to the appropriate authority within a reasonable time period for registration of its #trademark. This registered trademark of a business is not only used for differentiating its goods and services from those of another but has also become an integral part of building a #business through goodwill, brand recognition, trust and reputation. In addition, it establishes the standard and quality of one’s goods and services among the customers in the market.

Only the registered trademark provides the exclusive right, which includes the right to use, sell, assign or license it to gain #monetary benefits from their business. Investing a small amount in the #registration of a #trademark can bring an intrinsic value or goodwill to any business that exceeds the value of other tangible assets of the business. Therefore, as it is considered an important aspect of the #growth of one’s business, one must act with due diligence in obtaining a trademark to ensure it is unique and distinctive and does not create confusion as to identification or does not #infringe any others existing rights.