If you are interested in launching your own financial advising enterprise, it is important that you take the time to proactively seek legal guidance concerning intellectual property issues. Intellectual property is an area of law that many new business owners don’t adequately contemplate until they’re encountering a legal issue that could result in significant consequences for their new company.
For example, say that you have a perfect name in mind for your new business. Have you spoken with a lawyer about whether this name is available for your use? It often surprises new business owners to learn that they cannot simply name their new company whatever they want. If a trademark protects an owner’s preferred name and that mark is actively in use within the financial advisement industry or a similar industry, that name cannot be used by a new enterprise.
This is only a single example of why crafting a thoughtful intellectual property strategy in a proactive capacity is so important.
There are three primary kinds of intellectual property that you’ll want to address when seeking legal guidance:
- Patents and trademarks – governed by the U.S. Patent and Trademark Office
- Copyrights – governed by the U.S. Copyright Office
- Trade secrets – governed by nondisclosure agreements and clauses crafted by an attorney
Without proper legal guidance, you may leave your new company vulnerable to accusations that you’re infringing on the rights of others and/or infringement of your rights committed by other actors. As a result, being proactive in crafting an intellectual property protection and management strategy can help your new company to avoid potentially contentious challenges that could lead to litigation.