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It’s quite common for businesses to transfer things to someone else, particularly during a sale of business. There’s usually a process for these kinds of things, so how exactly does this work with Intellectual Property?
Transferring a trade mark requires some legal assistance, so let’s go through the basics first.
What Is Intellectual Property?
Intellectual Property (IP) refers to your intangible assets. This could be your logo, your business name or even a scent!
But like real property, you want to take measures to protect it from being stolen or used without your permission. After all, it’s a competitive market out there, so legal protection for your IP is always recommended for any business.
What Is A Trade Mark?
If you want to protect your IP, a common way to do this is to Register A Trade Mark with IP Australia.
Once it’s registered, you have the exclusive legal right to use that IP, and if someone else does try to use it, there will be legal consequences.
It’s important not to get this confused with copyright – copyright arises automatically with original works that are expressed in some material form, but not the actual idea.
Trade marks are more for businesses who want to protect their brand, so people can distinguish them from competitors.
What If I Want To Transfer My Trade Mark?
If you’re in the process of selling your business, one of the steps you’ll need to consider is transferring your IP to the buyer.
A more specific part of this process is transferring or assigning your trade mark.
When this happens, you’ll need to consider some of the following:
- Is the assignment full or partial?
- What rights and obligations are being transferred?
- Do we need to register this change with IP Australia?
Each agreement and transfer process is unique to your business sale, so it’s important to get some legal help around this.
Sprintlaw offers a Trade Mark Transfer package which includes:
- Drafting a Deed of Assignment in accordance with your business’ requirements
- Completing and lodging an Assignment Request Form with IP Australia
- Phone consultations with a Sprintlaw lawyer who can advise you on the legal issues that apply to your business
- A complimentary amendment to the final draft we provide you
Need Help?
Transferring a trade mark can be a complex process, so you want to make sure you have the right legal help to ensure you don’t miss any key details or steps.
If you would like a consultation on your options going forward, you can reach us at 1800 730 617 or team@sprintlaw.com.au for a free, no-obligations chat.
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Trade Mark Process
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