How To Name Your Business

The name for your business can be one of the most important decisions you make. Your name is not only an important marketing tool, but often sets the tone for your whole business image. To find the right name for your business:

• Check for state regulations on naming a business. Many states require specific wording for corporations and LLCs. Additionally, many words are limited in use or prohibited in business names.
• Make a list of names of similar businesses who might be your competitors.
  Decide how you would like to differentiate yourself from those other businesses.
• Consider how you want your business to be viewed by its clientele.
  Make a list of possible names that seem to convey this image, yet differentiates itself from your competitors.
• Test the names on friends, family, possible clients, asking not only whether they like the name, but what the name conveys to them.
• Research the meaning of your name finalists in other languages and cultures.
• Register the name.

Tips
Research shows that names that tell something about the product are more successful than those that are vague.
Your business name should be broad enough to fit with changes in the organization, products, and strategy.
Business names can be trademarked.

Trademarks
A trademark is a word, name, symbol or device which is used in trade with goods to indicate the source of the goods and to distinguish them from the goods of others. A servicemark is the same as a trademark except that it identifies and distinguishes the source of a service rather than a product. The terms "trademark" and "mark" are commonly used to refer to both trademarks and servicemarks.

Trademark rights may be used to prevent others from using a confusingly similar mark, but not to prevent others from making the same goods or from selling the same goods or services under a clearly different mark. Trademarks which are used in interstate or foreign commerce may be registered with the Patent and Trademark Office.

Trademark rights arise from either (1) actual use of the mark, or (2) the filing of a proper application to register a mark in the Patent and Trademark Office (PTO). Federal registration is not required to establish rights in a mark, nor is it required to begin use of a mark. However, federal registration can secure benefits beyond the rights acquired by merely using a mark. For example, the owner of a federal registration is presumed to be the owner of the mark for the goods and services specified in the registration, and to be entitled to use the mark nationwide.

Unlike copyrights or patents, trademark rights can last indefinitely if the owner continues to use the mark to identify its goods or services. The term of a federal trademark registration is 10 years, with 10-year renewal terms. However, between the fifth and sixth year after the date of initial registration, the registrant must file an affidavit setting forth certain information to keep the registration alive. If no affidavit is filed, the registration is canceled.