Taxes, Trademark Issues, And Corporations

Taxes, Trademark Issues, And Corporations

Corporations may enjoy certain tax advantages. Due to the complexities involved, you should consult an experienced CPA or tax attorney for details. The corporation can adopt a pension or profit-sharing plan for the benefit of the employees. If certain requirements are met, contributions of cash or other property by a corporation to such a plan will be deductible by the corporation for federal income tax purposes.

The corporation pays income tax on the profits that were not distributed to the shareholders as salary or in some other form deductible by the corporation for federal income tax purposes. The shareholders are required to pay a tax on dividends.

A trademark is a word, phrase, symbol or design, or combination of words, phrases, symbols or designs, which identifies and distinguishes the source of particular goods. By and large, a mark for goods appears on the product or its packaging. A “tm” on a product indicates unregistered trademark rights, and an “®” indicates a registered trademark. It is unlawful to place an “®” on a mark that does not have national registration.

As your domain name can become a highly valuable business asset, you should think in terms of trademark registration. Don’t worry about registering your trademark in the very beginning if you are pressed for funds, but take action once you have more revenue available.

One of the most important facts to consider is to avoid using a name that has been trademarked by another business. If you build your brand, even if you have done it unknowingly, around a trademarked name, you could be sued and held liable. Before you register a domain name, go to www.usptodotgov and run a trademark search for the names you’re considering. If you don’t find a match that doesn’t guarantee that your desired trademark is not protected. The database you are searching is about 12 months behind. Doing your own research is worth it because it lowers your risk of violating trademark laws.

When trying to determine the ideal trademark for your business, keep in mind that the purpose of trademark law is to prevent consumer confusion about the source of goods or services. Ask yourself if a consumer would confuse your name with that of another product, service or company.

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