You are excited about your business idea, and raring to go. Power to you! But hold up for a minute, have you thought about your business name and its impact? In this series of #StartUpsLegalNeeds we will share with you 3 legal considerations that might make a huge difference in your business.
- Availability
Your proposed business or trading name should be legally available for use. How can you confirm this? The answer is simple. Due Diligence. Do your legal due diligence. Make it extensive. Depending on your proposed area of business, budget and size of the business entity, consider making it multi-jurisdictional especially where IP is involved. Secondly, try and mitigate against the legal risk of passing off.
- Two -fold Legal Protection at common law
Is your proposed business name already in use? Did you start using it before legal registration? If yes, what are the legal implications of common law protection on your trade/business name? Is your business entity legally registered? What are the benefits accruing to your chosen legal business entity? These are some of the questions that a sophisticated/informed business owner would be asking during this process. Alternatively, simply consult a corporate lawyer to guide you through the process and to help you fire-proof your business name. If you are in the creatives industry, you probably need the fire-proofing more than you realise.
- Catchy
It goes without saying that your proposed trading or business name should be memorable. Preferably concise but informative. Relatable would be nice too. Unless you really cannot avoid it, stay away from long names.
Please do not hesitate to reach out by e-mail to legal@legalconsulting.pro or to your usual contact at Legal Answers Consulting for any further questions you may have on corporate law.