Basically, a trademark is a “brand” or “logo” that you can use to distinguish your product from those of your competitors. Through trademark registration or you can say logo registration/brand registration, you can protect your brand or logo by restricting other people from using the same. For e.g. the logo of NIKE and their tagline JUST DO IT is a registered brand name. By trademarking your logo or brand, you are providing it protection as it is illegal to use the same logo or tagline.
A trademark grants you commercial rights to sell a particular brand name in a certain sector of the economy. There are 45 sectors and each sector is called a class. For instance, Class 28 refers to Toys, Games, and Sports. So if you want to protect your toy brand, you need to make an application under Class 28 and get exclusive commercial rights, to sell your brand of toys under that class.
A registered trademark is an intangible asset for a business and is used to protect the company’s investment in the brand or symbol. After Trademarking your logo or brand, a registered TM number which works as trademark license is assigned within a period of three days by Trademark department but it takes almost two years for it to be registered so that you can use to use ® symbol with your brand name. It is always advised to get Trademark registration or brand name registration because getting your company registered will not protect your brand against those who might initiate using identical or similar marks. Before trademarking, make sure to check trademarks availability and it should be your first priority if you want to start a company. Trademark public search is an important step before trademark registration. You need to do a close search for trademark name as it will help you to avoid future problems.
Trademarks not officially registered can instead be marked with the trademark symbol™, while unregistered service marks are marked with the service mark symbol ℠. The proper manner to display these symbols is immediately following the mark, and is commonly in superscript style but is not legally required.
The registered trademark symbol was originally introduced in the Trademark Act of 1946.
A trademark identifies the brand owner of a particular product or service. Trademarks can be used by other's under licensing agreements; for example, Bullyland obtained a license to produce Smurf figurines; the Lego Group purchased a license from Lucasfilm in order to be allowed to launch Lego Star Wars; TT Toys Toys is a manufacturer of licensed ride-on replica cars for children. The unauthorized usage of trademarks by producing and trading counterfeit consumer goods is known as brand piracy.
The owner of a trademark may pursue legal action against trademark infringement. Most countries require formal registration of a trademark as a precondition for pursuing this type of action. The United States, Canada and other countries also recognize common law trademark rights, which means action can be taken to protect an unregistered trademark if it is in use. Still, common law trademarks offer the holder in general less legal protection than registered trademarks.