Trademark for Partnership Firms

Last updated on September 10th, 2024 at 11:24 am

Introduction:

Trademark for Partnership Firms are top-rated in the market because of their simplicity. It gives many people an opportunity to come together and combine their skills, resources, and strengths to run a business. TM registration is not compulsory for partnership firms, but it helps to protect your business and brand name. If you are running a partnership firm, you might be wondering whether you need to register a tm for your business name, logo, or slogan.

Table of Contents

What is Partnership firm?

When Two or more persons or companies enter into a partnership to do business activities and manage their business in terms and conditions of the partnership deed, each partner equally shares their profits and losses. Firms do not have any independent legal entity separate from their members, so they cannot buy their own property or hire employees, nor can they have debtors or creditors, unlike corporations. They cannot sue or be sued by others. In India, it is regulated under the Indian Partnership Act, of 1932.

Registration of partnership firm:

Registration of a partnership firm is a formal registration process between the two partners and the registrar. This process of registration usually takes place in a location where the firm is located. It is not a complex process it can be understandable in some steps that are:

Do a trademark search
Define the class of goods or services
Create a unique and different trademark
Then prepare the TM application and submit it to the trademark office
Next, it will be reviewed by the registrar, and if any opposition or objection then wait for a hearing and resolve all the issues. And if not, then it will be published in the TM Journal.
After that, your certificate will be issued.

Who can be a partner for partnership firm?

Mentally and legally fit
Two or more Companies as partners
Head of a Hindu family
Trustees of several trusts
Already have a registered firm

Advantages of partnership firm:

It is an easy and affordable process and has few formalities.
Both Partners can bring their different skills, knowledge and resources to the business, and increase capabilities.
Both partners can share equal responsibilities and risks, which makes it more manageable.
Partnership provides flexibility in decision-making, as partners have the right to have a say in the operation and direction of the business.

disadvantages of partnership firm:

Differences between partner’s opinions can cause conflict and hinder decision-making.
Partnerships require greater growth and versatility than other larger businesses.
The personal liability of partners is unlimited, that is, they are personally responsible for the debts and obligations of the firm, which may put their assets at risk.
Partnerships involve complex tax arrangements, and each partner is responsible for their own tax adherence, which might require professional assistance.

Importance of partnership firm:

It allows businesses to differentiate them and their goods and services from others.
It gives legal protection to the brand and prevents others from copying.
It gives legal rights to the owners of the firms.
It also increases the brand value and also helps in the protection of the brand identity.
It also builds customer’s trust and makes them able to differentiate between original and high-class products.
It also helps in the expansion of your brand nationally or globally.

The procedure of partnership firm

Firstly, select a unique and different TM for your brand which will describe the objective of your brand.
After that, consult to a trademark attorney and gather knowledge regarding trademark and their classes.
Next, find the relevant class and submit your trademark file under that class. Then the registrar reviews your file and checks that your file meets with the requirements of a registered TM.
Then wait for the response of the registrar and after they publish your TM certificate, carefully read that and renew that on time.

Required documents for partnership firm:

Copy of selected logo and if the logo is not provided then a word mark is also acceptable.
Firm partnership deed
ID and address proof of authorised signatory.
Signed authorised form
Copy of proof of business.
Copy of power of attorney
Udyog Aadhar Registration Certificate.

Points to remember:

Before applying the trademark file, it is a must to do a trademark search.
Your TM should be different from others, so find a unique TM for your brand.
Choose a relevant class for your TM according to your goods or services.
After issuing the TM certificate, make sure to renew that on time.
TM names should be easy to pronounce and memorable for others.

Conclusion

As we discussed further, it is not mandatory for a Trademark for Partnership Firms. But by registering we can protect our brand from our competitors. Registering a trademark helps to build brand identity and also increases reputation and business growth. It also gives legal rights to the owners and also builds the trust of clients and customers.

For more information stay updated with:- A Star Legal Associates