Today is guest blogging day at Talking Business, so we have brilliant legal insights from Patricia Barclay (Bonaccord).
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When you incorporate a company you have to choose a name that is not already in use however even slight deviations can be allowed. Around 40 companies are registered using the name BONACCORD. Some sound quite similar: Bonaccord Lets LLP, Bonaccord Leasing Limited, Bonaccord (Real Estate) Limited, Bonaccord Properties Limited and so on. I do not know if these businesses are related but regardless there is little to stop me independently setting up another called for example Bonaccord Furnished Lettings Ltd. Clearly there is a risk of confusion here which if I am first on the market with a service I would like to avoid.
The most effective way of protecting your company name is to register the key element – here Bonaccord – as a trademark in those countries where you provide goods or services. This is not usually expensive and in the UK can cost as little as £160. Registration lasts for 10 years and can be renewed indefinitely. Registration allows you to stop anyone else using the name in relation to the same goods or services including as a company name. In general you can register your own marks following the advice at http://www.ipo.gov.uk/types/tm/t-applying.htm although professional advisers are available.
You can also register the name of your company as a domain name with the most popular suffixes in your sector eg .com or .co.uk. This is not nearly as powerful as a trademark but it may dissuade genuine traders from setting up with a similar name as most people want to secure a good domain name and if they cannot get it may well look for another name.
Whether registering a trademark or a domain name be sure that it is registered in the correct name which will usually be that of your business and not in that of an individual manager or a supplier such as a web designer.
Finally be watchful for anyone using your name or trademark inappropriately and take rapid action. In addition to normal legal redress you may also be able to obtain help from Trading Standards if the public are being misled.
Patricia Barclay of Bonaccord is an internationally experienced life sciences lawyer with extensive board level experience which means that she brings pragmatic, commercially relevant solutions to businesses who need help commercialising life science research or ideas.
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