You may be proud of the trademark you worked so hard to register with the United States Patent and Trademark Office (USPTO). But due to extenuating circumstances, you may one day find that transferring ownership rights to someone else is the best business decision you can make. With that said, please continue reading to learn how to transfer your trademark to another party and how an experienced New Jersey trademark lawyer at The Ingber Law Firm can help you do so legally and validly.
Why would I want to transfer my trademark to another party?
Your initial assumption may be that you must hold on tight to your registered trademark if you wish for your business to succeed. However, certain strategic business moves may contradict this sentiment. They read as follows:
- You may want to sell your business and its IP to another party for more value than you predicted earning by keeping it.
- You may want to merge your business with another for economic reasons and consolidate your IP for brand unity.
- You may want to license your trademark to another party to get exposure in markets that you would have not reached.
- You may want only a certain entity within your business to own the trademark to simplify control over your IP portfolio.
How do I transfer my trademark to another party?
No matter the reason behind it, you may transfer your trademark to another party through a trademark assignment agreement. This is a formal, written, legal agreement that clearly outlines the trademark being transferred, the parties the trademark is being transferred to and from, the date on which this transfer is meant to occur, etc.
Importantly, you may disclose whether this is supposed to be a complete transfer or a partial transfer. With the former, you may relinquish all your ownership rights to the mark, while the latter only makes you give up certain products or services, while retaining rights and royalties for your other business assets.
Either way, you and the other party must sign this agreement and file it with the USPTO. This is so the USPTO may officially and properly update their records, and make this information publicly accessible for any other interested parties.
Who should I transfer my trademark to?
Even though you are essentially letting go of your trademark, you should still care about who takes it over and whether they are capable of doing it justice. And so, if you are transferring to another business entity, you should ensure that their core values are closely related to yours, to allow for a seamless and prosperous transition.
Or, you must not forget the option of having your family legacy live on and passing this trademark ownership to one of your descendants. With this, you must confirm that they are willing and able to take on this responsibility, and possibly consult with an estate planning attorney first.
In conclusion, if you need help with executing this, do not be afraid to reach out to a skilled Essex County, New Jersey intellectual property lawyer. Our team at The Ingber Law Firm is more than capable and eager to assist you with this.