If your company does business under another name, you must register that name with the state. For example, you may own ABC Corp, and it is operating a bar called A Big Club, that's the DBA (Doing Business As) name.
Your services or your product is associated with that name, and that is how the clients know you. If you ever want to sell or assign the trade name's rights to another entity, you have to use an Assignment of Trade Name.
Without a proper assignment, the new owner of the trade name does not officially own the registered DBA's legal rights. If you are selling your company, the Assignment of Trade name is only one of the steps required to complete the transfer.
However, you could be assigning the trade name if you're restructuring the company too. If there is a monetary exchange, the Assignment of Trade Name should reflect that.
Depending on your state, the Assignment of Trade Name may also be known as:
Whenever there is a change in ownership in a trade name, the Assignment of Trade Name is required. Without it, there are no legal grounds for the assignee to stand on. This contract ensures there is no confusion as to the rightful owner of the trade name.
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For the Assignment of Trade Name to be legally binding, both parties need to sign it. Even though notarization is not required by law, many choose to use a notary public as an additional security layer for the signatures.
After both parties sign the Assignment of Trade Name, the assignor would officially assign the trade name to the assignee. They may have to pay a visit to the county clerk and take it from there.
A Trade Name is what a company or person officially uses to do business. It is the first step in building a brand, but it has also certain limits in use. On the other hand, a trademark is officially registered with the trademark office. Trade names and trademarks are registered separately. Furthermore, a trademark requires federal registration.
Although these are much more alike than the trade name, a brand name has yet to be trademarked. So, if you want your brand name to be protected, you will have to register it as a trademark.
After you have established a company, if you want to use a different name you can go to the county recorder’s office and ask for a registration form. You may have to pay a registration fee that varies by jurisdiction. Keep in mind that filing for a trade name is all there is - you still have to get all relevant permits and licenses.
Both trade names and trademarks require occasional renewal. For a trade name, this might be different depending on the state. You might want to inquire about it when you file for the name about if and when you would have to renew it. Since a trademark requires registration at the federal level, it is fairly well-known that you have to renew every ten years. You can even renew it earlier and it comes with a six-month grace period after the expiration.
As a sole proprietor, you will still have to register your trade name if you are doing business under that name. That is if you do not want someone to steal your name after you have made it famous. To be on the safe side, it is best to check with your county’s office about the instructions. Additionally, you can hire an attorney to help you sort out the paperwork.
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