Intellectual Property by James Huy Vuong

Written by James Huy Vuong, Founder of Your Accounting Partners: Intellectual Property

Deciding your business name is a vital choice to make. It would be considered as an important asset if your business goes well. The goodwill you have built for years with your customers and suppliers may be affected if you lose your business name because of your failure to protect it.

Business names can be simple, self-explanatory or captivating! In choosing your business name, you should think on how it would reflect your business image. You would want your business name to be differentiated and remembered from the rest of your competitors, so it should be unique and appealing.

You are required to register your business name according to laws in the territory or state you intend to do business, except if you are using your personal name or an existing company name. It is possible that your chosen name is already an existing business name but this is acceptable because registering a business name does not give you any proprietary rights unless you register for a trademark.

Trademarks

A trademark is any word, name, letter, symbol, phrase, name, logo, shape, smell, colour, sound or design, or any combination thereof, used in commerce to identify and distinguish the goods of one business from those of another.

Although it is not compulsory to register your own trademark, it is but highly recommended to do so as trademarks is a useful marketing tool and is considered to be an important asset. Unlike an ordinary business or trade name, a trademark is protected by law and any unauthorised use of it can suffer legal obligations.

IP Australia, an Australian government agency is responsible for administering intellectual property rights including trademarks, designs, patents and plant breeders’ rights. If you wish to register your trademark, it should be done through them.

Domain Names

Nowadays, small businesses can enjoy the benefits of selling through the internet. Creating a website for online selling or advertising reasons is relatively simple to do. Another advantage of a domain name is you have an email address which reflects your business name.

Register your domain name with a registrar or reseller listed by the Australian Domain Name Administrator (www.auda.org.au). You should note, however, that you do not own the domain name. You only have a licence to use if for a specific period of time, as long as you are eligible and currently registered.

Company names

Company name registration is more complicated than business name registration, however, there are some essential guidelines to follow.

You should make a research if there are no existing company names similar to what you want to use. Your company name must also include its legal status (ie ‘Pty Ltd’, ‘Corp.’). Just like the business name, there are no proprietary rights when you register your company name.

All companies must register with the Australian Securities and Investments Commission. A unique Australia Company Number and a certificate of registration are issued upon registration. For more information, visit www.asic.gov.au and search under the tab ‘For companies’.

ACTION ITEMS
  • Visit business.gov.au and know how and where to register your business name in your state or territory.
  • Visit ipaustralia.gov.au and know how to register your trademark.

About the Author

James Huy Vuong the Founder of Your Accounting Partners, a Brisbane based Business support agency. Specialising in providing bookkeeping, accounting, tax and compliance, business valuation and business sales services to local small business owners.

His passion for business was evident very early on at the start of his career in accounting. He embarked on an unconventional path away from the traditional position with one of the big 4 accounting firms like most aspiring young graduate in his field. He decided instead through the lure a more diverse role, more pay and a much cooler title to work with Australia largest telco as a Business Specialist. He entered the world of business management and ownership in the hospitality industry for the invaluable hands-on experience one could not get just by reading textbooks, understanding debits and credits and passing exams. Huy has also spent a good part of a decade in the financial services industry owning and managing his family business which has lead him to start Your Accounting Partners. Your Accounting Partners sets out to help time-poor, frustrated business owners do better business by partnering with business owners on their ownership journey and making it together. Your Accounting Partners specialises in hospitality, service-base & professional services businesses. His mission is to help business owners use their business to give back to the family what it takes out. When it comes to business we say “You focus on what you do best, partnering with us and we’ll take care of the rest”.

Email us at hello@youraccountingpartners.com.au or call 07 3668 0646 if you need assistance and support with your small business from start, scale thru to sale.

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