Regardless of the industry in which your company operates, one of the most validating and crucial aspects of your corporate identity is the name under which you conduct your day-to-day operations. When it comes to lenders, the affiliated name or logo represents the company’s reputation, and establishing a trademark can help to protect the goodwill associated with these identifying marks. With the rapid growth of lending firms and businesses, protecting the distinctiveness of their names has become a new legal concern.
Choosing a name for a new financial services corporation, such as a lending company, is an important step in the process. A company should have a unique name that distinguishes it from the competition, as several consequences can occur if a company chooses a name that is identical to that of another company. To mitigate these risks, you should always engage with a reputable trademark attorney who can conduct a risk assessment and recommend tactics for decreasing any remaining risk.
The following are some of the legal advantages of registering a trademark with the federal government:
- Allows the mark or emblem to be used on a national scale to connect the services/goods mentioned in the registration.
- Verifies the logo and the registrant’s status as the only owner of the entity.
- Makes a public record of the rights of the registrant.
- Provides a quasi-affirmative defense against trademark infringement charges made by competitors.
- Prevents others from registering extremely similar marks, as the USPTO will normally refuse to register logos and names that are likely to confuse with previously registered names/marks.
Registering your lending business under a trademark has several benefits, which help to protect the business generally. To read more about the trademark and its benefits, click here.
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