The new national regulatory and compliance business names program replaces the present State and Territory registers, often considered by Australian business owners because unnecessary red-tape and duplication. Existing business names will soon be transferred to a new nationwide register managed by ASIC, effectively streamlining the older business name registration procedure. Renewal dates for existing business names remain the same.
A company doesn’t have to register a business name if its company name and trading name are indistinguishable. However, when companies trade under a name which differs by their company name, trade using different business names, or as a trustee of a trust, then every business name must be registered.
There is not any requirement to register a business name if it comprises a individual’s own or his or her partners’ first name or surname.
It’s a frequent misconception that registering a business name or incorporating a company with a particular name confers private rights over the possession and use of the name. But, only a registered trademark gives business owners that kind of protection Oklahoma Secretary of State entity search. Registration of a business name only prevents other dealers from registering a similar or equivalent trading name.
Registering a business name that infringes other traders’ rights can contribute to legal actions. The most common kinds of legal actions are for misleading and deceptive behaviour, passing , or trademark violation.
Legal action might result in a trader needing to re-brand or pay damages to the aggrieved party. To minimise the danger of infringing any existing legal rights regarding a proposed business name, applicants are invited to search IP Australia’s ATMOSS trademark database – especially, through the business name registration procedure applicants are required to undertake to ASIC their proposed business name does not infringe the pre-existing rights of other dealers in a relevant market.
A registered trademark gives the trademark owner the exclusive legal right to use, license and sell that intellectual property advantage. You will find out more about the advantages of trademarks registration here.
Trademark registration lasts for ten years and can be renewed indefinitely in ten year increments supplying that renewal fees are paid to IP Australia. It is worth noting that not all business names are capable of being registered as trademarks – all trademarks (such as business names) must first meet the needs of the Trade Marks Act 1995 before they can be registered.
If you are a new or existing business operator and require exclusive use of your business name we recommend that you ought to submit an application for trademark registration. Stone Lawyers can help you in this procedure