For business owners, selecting a name for their company can be challenging. They seek out material that is original, distinctive, and catchy. But what if another business is already using the ideal name? Is it still functional? The solution is complex and depends on a number of variables.
It is crucial to comprehend that business names are safeguarded by trademark legislation. To set one company’s products and services apart from another, trademarks are utilized. Therefore, choosing a business name for your own venture could result in legal complications if it is already in use and has been trademarked.
It’s important to remember that while two businesses might share the same name, they cannot share the same trademark. This implies that two businesses with the same name but different business sectors and different products and services can both use the name. However, only one of them can be the trademark owner if they both work in the same sector and provide comparable products and services.
The possibility of operating many enterprises under one LLC also comes up. Yes, it is the answer. Considering that they provide their owners with liability protection, LLCs are a common corporate form. As long as they are all connected and operate in the same sector, many businesses may operate under a single LLC. It is also feasible to have two ABNs, or Australian Business Numbers. Even if they are both part of the same LLC, each business must have its own ABN. This is because each business will need to get its own ABN as they are used to identify a business for tax purposes.
Last but not least, you may run a trademark check to be sure your business name is not already in use. This will enable you to ascertain whether another business is using the name despite it already being trademarked. To find out if the name is already registered with the government, you may also run a company name search.
Finally, choosing a business name that is already in use can be challenging. It is crucial to comprehend trademark law and confirm that another company is not currently using the name and has registered it as a trademark. Additionally, more than one firm may operate under a single LLC, but each business must have its own ABN. Entrepreneurs can make sure their business name is distinctive and legally sound by completing adequate research.