If you open a business or launch a product line, you may trademark it. The same is true for a service business. It is possible to trademark business names, like Twitter, or slogans, such as “Just Do It.” This is a smart protection to have in place to ensure no one else uses it. It also gives you legal recourse if someone does it without permission.
However, what happens if you sell your business or product line? You can sell the trademark name in this case, but you must follow the proper legal process.
Creating the agreement
If you plan to sell your trademark, you need an agreement that lists all the related details. Also, everyone who is on the original trademark must sign this agreement along with all buyers.
Once the agreement is completed and signed, you can file it with the United States Patent and Trademark Office (USPTO). There will be a fee that must be paid when you do this.
When it comes to trademarks, there are specific rules and regulations you must follow. For example, did you purchase a trademark of a name or brand that you planned to launch but never did? If so, you may want to sell it since the name may be in demand. However, if it has never been used for commerce in some way, you cannot charge someone for it.
Your rights when selling trademarks
Having a trademark on a name or brand is something many business owners invest in when starting out. However, if you decide to get out of the business, the trademark should go with the products, services or brand (in most cases). Be sure to follow the rules when selling a trademark to avoid legal issues.