3 Concepts of Intellectual Property (IP) for any new business
Dreaming about starting your own business got a brilliant idea and you just know it could work well you're not alone many Indians like you have their own business dreams so turn your dream into reality it's time to get started this video is about the four steps you need to set up a formal legal business in India here's a simple example let's say you have a dream to start your own business doing what you love designing fun play rooms for kids and let's say you want to keep it simple for now no employees no fancy office just you meeting with clients at your kitchen table sounds pretty simple but what do you need to go from a drawing to a solid business plan to an official business a good business plan is critical a realistic look at your market your customers and your goals current and future it should map out what success means for your business from there details of the next steps are different in each province or territory so you need to find out how it works where you want to operate your business but atypical new business starts with these four steps the most basic first step for every new business in India is to choose some form of company registration and for example you may have trouble choosing between sole proprietorship really being the business yourself and incorporation setting up a separate legal entity this decision is very important so visit India business for useful information to help you decide step 2 is to decide on a name what are you going to call your business you could choose to work under your own full name and if you're a sole proprietor you may be able to do that with no business license but if you want to use a unique business name you'll need to apply for a business license step 3 involves getting a business license the document that allows your business to operate in a specific province territory or city step four is registering your business which is different from getting a business license registration is about getting a business number to communicate with government and about setting up your taxes so those are the basics four steps that will get your business started decide on your legal structure and business name then look into business licensing and private limited company registration.
Copyright Trademark and Patent are the three main components of the intellectual property law patent (know more about Patent Filing in India) protect inventions as it gives the inventor a monopoly on the manufacture use or sale of his innovation while copyright (Copyright Registration) protects creative works such as writing visual art music and audio recordings from unauthorized reproduction while trade dress is the look and feel of a product its shape packaging and design that signify the source of the product to consumers on the other hand trademarks (Trademark Registration in India) are brand names which are labeled to products and services the mark is a distinguished side like a word phrase symbol or a combination of the these elements a mark is used in business to indicate the source of the brand in order to distinguish and identify it in the market trademark protects the customers by preventing the public confusion as to the origin or quality of a product in addition to rewarding the brand owner by maintaining his business successful reputation unlike most countries the American law protects a brand even if it's not registered which is known as the common law trademark rights as the trademark ownership belongs to the first seller who use and trade the brand in the markets a trademark infringement could happen when a likelihood of confusion exists between trademarks which means that the brands are very similar that consumers would mistakenly believe the two products come from the same source in this case the fake brand has to stop misleading the market and is liable to pay damages in case trademark is objected it would require trademark objection reply to the original brand owner however trademark protection is not absolute as its subject to certain limits such as the trademark abandonment geographic limitation and the fair use of the brand by a third party.
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