Trademarks are one of the most overlooked assets of any organization. A trademark is the way that customers remember and find your business, yet many owners do not take an easy step available to protect that important resource.
Under US law, a company or individual has the right to a trademark if they are the first one to use it on goods or services. However, when a business takes the time to register their trademark rights with the United States Patent & Trademark Office they gain several important legal and practical rights:
- The ability to sue for up to $2,000,000 per the type of goods and services sold, when the infringement is willful;
- The ability to seek attorney’s fees from a trademark lawsuit;
- Easier removal of infringing products from the shelves of retailers or online sellers;
- Easier seizure of infringing products from being imported; and
- Ability to take down a website using the infringing trademark.