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Choosing your name

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The name you choose to identify your business is important. If your business becomes successful, the name will be a very valuable asset. If you fail to protect your name, you may one day be forced to change it and the goodwill you have developed in that name will be lost.

Business names

Some business names are catchier than others. Some simply state what the business is, others make you wonder! When choosing a business name, think about the sort of image you want to create. Your business name distinguishes your business from all the others, so you want it to be memorable...for the right reasons!

Unless you’re using your personal name, or your business is trading under an existing company name, registration of your business name is mandatory in every state and territory where you intend to trade. Business name registers are state-based, so there could already be businesses with the same name in different states. But this is acceptable, because registration of a business name does not give you any proprietary rights. If you want to protect the exclusive use of your business name, you will need to register it as a trademark.

Trademarks

A trade mark is a distinctive sign associated with your business in the form of a word, phrase, letter, number, logo, shape, colour, sound, smell or aspect of packaging – or a combination of these.

Trademarks are very effective marketing tools and highly valuable assets of your business: think McDonald’s, Kodak, Cadbury’s – just to name a few. Therefore, while it is not mandatory to register a trade mark, it is recommended. Unlike a business name, company name or domain name, a registered trade mark can be legally protected against unauthorised use.

If you wish to register a trademark, this is done through IP Australia which is the Australian government agency responsible for administering intellectual property rights including trademarks, patents, designs and plant breeders’ rights.

Domain names

Small businesses are increasingly taking advantage of the benefits of having a presence on the Internet. It is a relatively simple process to create a website that you can use either to promote your business or for online trading. The added benefit of a domain name is you have an email address which reflects your business name.

Registering a new domain name can be done through a number of registrars accredited by the Australian Domain Name Administrator (www.auda.org.au). Bear in mind, however, that you don’t own the domain name; you hold a licence to use it for a specified period of time, so long as you meet the eligibility criteria and keep your registration current.

Company names

Registering a company name is more complex than registering a business name, but there are some basic things to be aware of.

As is the case with business names, you should conduct a search to make sure the company name you wish to use is not already registered and is not too similar to an existing company name. A company name must indicate the company’s legal status; that means it should include ‘Pty’ or ‘Pty Ltd’ in the name. Again, no proprietary rights in the company name are gained through registration.

It is mandatory that companies be registered with the Australian Securities and Investments Commission, where they are issued with a unique Australian Company Number and a certificate of registration. For more information about registering a company name, visit www.asic.gov.au and search under the tab ‘For companies’.

Category
ABN
Published
29 Oct 2014
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