(For Indian companies) Im starting a new online food delivery company (with webs
ID: 364127 • Letter: #
Question
(For Indian companies)
Im starting a new online food delivery company (with website and mobile application). Im starting this company as a basic partnership firm with a partnership agreement with 4 of my partners. Is there a need to register this as a trademark too? Since this is a startup, can I wait for a substantial amount of time and then register it as trademark if it turns out to be profitable. I have heard that trademark registration takes up a good amount. Elaborate the merits and demerits of both and suggest what to do. Incomplete and vague answers will be reported as spam to chegg.
Explanation / Answer
Merits--A registered trademark is an important asset for a business used to protect the company's investment in the brand or symbol. Now what will happen after so many years of hardwork and money involved that you came to know that someone else has same name and logo of your business and is already regstered as trademark ? Legally a egistered trademark ensures that you have a legal support against any cheaters.
It is upto you to get register with trademark or not. It is not compulsory, A partnership agreement can also work. Rs 8,000 is the total fees then why wait to check how business goes after some time.
But the time required for trademark registry is 18 to 24 months. So one can use the ® (Registered symbol) next to trademark, once trademark is registered and registration certificate is issued. A registered a trademark is valid for 10 years from the date of filing, which can be renewed time to time.
Startups are exempted from income tax for 3 years. To avail these benefits, they must be certified by the Inter-Ministerial Board (IMB). Start-ups recognized by DIPP, Govt. of India can now directly avail IPR related benefits without requiring any additional certification from IMB.
There is not much demerits. If for 5 years the registered trademark not used continuously then it will be removed and also after every 10 years the trademark has to be renewed. A marketing budget should be there in order to put that trademark in customers mind.
So my suggestion is to get a trademark for your startup.
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