2 Ultimate Ways to Register Your Business Name
Posted: May 04, 2019
A business is nothing without a name and therefore, choosing a business name is the first step towards legally establishing one. However, will it be enough just to choose a name? No! Even if you have named your business, you don’t have exclusivity to it. Therefore, you should be looking towards taking one more step forward and registering a business name. In India, there are 2 ultimate ways to register a business name and through this article, we are going to unveil them.
Why should you register business name?
Before we unveil the ways to register the business name, let us first look into the reasons behind it.
- Exclusivity over the name: Business name registration provides you exclusive ownership over it. Such an ownership shall allow you to solely retain the rights associated with it that includes the right to use it, license it, or destroy it.
- Access to a good marketing tool: A registered name can become the primary focus for you to market your business. Using digital marketing techniques, a website with a registered name can be used to market the business to a wide demographic.
- You can reach a meaningful leads: A registered name has the legal capability and weight behind it to reach meaningful leads that you can then transform into customers.
- You can license the name: A business name can be licensed to others if you want to expand your business.
- You can sell a registered name: A business name, when registered becomes a legal commodity. And a commodity has a monetary value. Therefore, if you want, you can sell a registered business name to acquire a fair amount of money.
- A legal entity: A registered business name is a legal entity and therefore, any article that the name represents has a valid existence.
Bottom Line is: a registered business name has a lot of benefits. Therefore, it would be a good prospect for you to register the business name as soon as possible.
Ways to register a business name
Now we come to the meat of the article, the two ways for you to register your business name are: company registration and trademark registration.
- Company Registration: Company Registration is a way to incorporate the business with the MCA (Ministry of Corporate Affairs). It is the way to give a legal existence to a business. The most common business entity (in India) to incorporate a business as is a Private Limited Company. However, there are 8 other business entities as which you can register your business.
Brief outline of Company Registration Process:
- Deciding what shall be the name of business.
- Performing a company name search to see if your business’s name is unique.
- Gathering the documents required for company registration.
- Applying for and obtaining the Digital Signature Certificate.
- Applying for and obtaining the Director Identification Number.
- Filing the RUN application to get the business name approved.
- Drafting the Memorandum of Association of the proposed business.
- Drafting the Articles of Association of the proposed business.
- Filing the online application for Company incorporation.
- Availing the Certificate of Incorporation.
The moment you get the Certificate of Incorporation, your business name gets registered.
- Trademark registration: Trademark refers to a mark given to a particular trade and a business name is most often considered as one. The benefits that we mentioned regarding business name registration can also be the benefit of trademark registration. The reason behind it is: it is this form of registration that transforms the business name into a sell-able commodity.
Brief outline of Trademark Registration Process:
- Deciding the trademark name (business name in this case)
- Performing a trademark search to see if the name is even available for registration for the specific class of trademark.
- Filing the application of trademark registration.
- Waiting for the trademark application to be accepted.
- After acceptance, the Trademark registrar shall publish the trademark in the journal.
- Waiting for 4 months to see if there are any 3rd party opposition to the published trademark.
- Obtaining the right to use "R" symbol with your business name. At this point, our business name is registered.
The moment your trademark application is accepted by the authority, you obtain the right to use "TM" with your business name. While not a sign of complete registration, it definitely means you are on the right path to trade marking.Conclusion
Business name registration is the very soul of making your trade successful. The company registration process not only registers the name, it registers the business itself. As for trademark registration, it specifically registers the name of your business. Nevertheless, through registration process, you are not merely naming your company but are also gaining exclusivity over it. Exclusivity ensures that your business’s name is protected and you can use the registered name in various ways to evolve its reputation.
For more information visit https://www.registrationwala.com