Equipment Subscriptions

 

The equipment finance industry is adapting to a trend that has transformed the rest of the economy: subscriptions. Procurement managers started using software as a service two decades ago to avoid the upfront cash outlay of a purchase and bundle products and services into one arrangement. Now the equipment finance industry is embracing the concept as an alternative to a basic loan or lease.
  
Procurement and budgetary constraints
 
One of the main value propositions for equipment finance subscriptions is that they provide procurement flexibility to customers who do not have the capital budget to buy expensive assets but may have the operational leeway for a subscription.
 
For example, consider a facility manager at a factory, power plant, or data center who is accountable for performance. They may need to meet a high standard of uptime. But the current equipment is aging, inefficient, expensive to maintain, and not dependable. Unfortunately, the manager does not have the capital expenditure budget required to buy new equipment that is necessary to meet the performance standards. For that manager, subscriptions can be a life saver.  The equipment finance company can retain ownership of the asset for the facility manager. The subscription allows them to obtain the new equipment along with long-term O&M service and pay for all of it through their operational budget.
 
Plus, subscribing to an asset doesn’t mean the customer can’t own it. There are situations where it makes sense for ownership to transfer to the customer after the subscription term. If the equipment has additional life and is performing well, the procurement manager might not want to give it back at the end of the subscription term.

 Convenience

 

One of the most persuasive arguments in favor of subscriptions is convenience. With subscriptions, the equipment owner can bundle together all related expenses to simplify contracts, maintenance, and finance for the subscriber. For example, procurement, licensing, and maintenance can all be rolled into one monthly payment and contract, saving time for people across departments on the customer side.
 
Asset life expectancy
 
The final factor to weigh when considering subscriptions is the life expectancy of the equipment. Some assets perform for many years after an initial subscription term and are therefore favorable to own. Other technologies are rapidly evolving. Customers will want the next best thing to improve performance and avoid technological obsolescence. In those cases, customers will seek subscriptions that allow them to upgrade as the technology evolves.
  
What’s important is that you know what factors to consider — and that your lender has the flexibility required to accommodate your different needs.

Proactive Customer Financing Programs Work!

 

CUSTOMER FINANCING PROGRAMS LEVERAGE MORE SALES

 

A proactive implementation of customer financing programs enables industrial automation sales organizations to increase sales by providing  clients with an easy, simple, affordable, convenient and hassle-free methodology to purchase their products and services by aligning monthly payment to project/investment Return on Investment. 

Financing programs create differentiation from your competitors to focus client attention on VALUE instead of COST while overcoming BUY NOW objections related to: Limited Working Capital, Budget Issues, Inability or Unwillingness to access current bank and credit lines. 

Financing Programs enable larger, higher ticket and more robust and profitable transactions: 

·         * All Project Costs

·         * Extended Warranty & Maintenance Costs

·         * Long Term Subscriptions including MaaS, RaaS and SaaS

·         * Section 179 Tax Treatment

Contact Dean Morrison for additional information and to determine how your company can successfully implement a customized financing program to leverage more sales.

 Dean Morrison

e. domorrd@outlook.com

m. 954-224-3390

w. https://dimensionfunding.com/industrial-automation-fl/

The 2023 Section 179 Deadline is Approaching

 The 2023 Section 179 Deadline is Approaching

Estimated reading time: 5 minutes

Well, the summer months are in the rearview mirror, and we are in the final quarter of 2023. The leaves are changing colors, the weather is cooling, and friends and families will get together to celebrate the holidays. But did you know that beyond its aesthetic appeal, the year’s final months present a unique opportunity for small businesses like yours?

We are referring to Section 179, which lets businesses deduct the cost of qualifying new or used equipment. As a business owner, understanding Section 179 of the Internal Revenue Code can be overwhelming, but this Balboa Capital blog article can help. In it, you will learn how this tax deduction works and how to elect it before the December 31, 2023 deadline.

What is Section 179?

The Section 179 tax deduction is a valuable small business tax deduction that allows you to deduct the total cost of qualifying equipment, vehicles, machinery, and software purchased or financed during the 2023 tax year. Section 179 was created to encourage business owners to invest in their companies by providing accelerated depreciation benefits.

This deduction can reduce your taxable income dollar-for-dollar, resulting in significant savings come tax season. It’s important to note that unlike regular depreciation methods, which spread out deductions over several years, Section 179 allows you to deduct the entire cost upfront.

Section 179 deduction limit for 2023.

In 2023, the Section 179 deduction limit for eligible equipment purchases is $1,160,000, and the phase-out threshold is $2,890,000¹. For example, suppose you purchase or finance $50,000 in qualifying office furniture, equipment, and computers for your business before the December 31, 2023 deadline. In that case, you can write off the total amount for the 2023 tax year.

If you purchase or finance more than $2,890,000 worth of qualifying equipment in 2023, your deductions will decrease dollar-for-dollar after you exceed the phase-out limit. Let us use a construction company to illustrate how the phase-out limit works. The company financed $3,250,000 of heavy equipment and storage structures in 2023. As a result, the company is $360,000 over the phase-out limit, and its deduction would decrease by this amount.

Bonus depreciation will decrease in 2024.

Bonus depreciation is similar to the Section 179 tax deduction in that it offers an immediate expense deduction. However, the primary difference is that bonus depreciation lets you deduct a percentage of qualifying equipment upfront while, as mentioned earlier, Section 179 enables you to deduct a specific dollar amount. Bonus depreciation applies to many types of new and used equipment with a useful life of up to 20 years.

In 2023, the bonus depreciation amount is 80% and is scheduled to decrease to 60% in 2024. So, if you procure qualifying equipment in 2023, you can deduct a higher percentage of the purchase price on your 2023 tax return, provided you put the equipment into business use before the deadline. For example, a $70,000 equipment purchase in 2023 would have a first-year depreciation of $56,000 ($70,000 x 80%). If the $70,000 equipment purchase is made in 2024, the first-year depreciation is $42,000 ($70,000 x 60%).

Some states have different tax rules.

Not every U.S. state conforms to the Tax Cuts and Jobs Act provision that allows businesses to elect bonus depreciation for qualifying equipment purchases². Additionally, Section 179 does not apply in U.S. states with no corporate income tax, and certain U.S. states conform with different deduction limits³.

If you have questions about Section 179 or want to determine if a particular type of equipment qualifies for a deduction, consult an accountant or attorney. They can make recommendations based on your business’s needs and inform you of your state’s Section 179 and bonus depreciation rules and limits.

The Section 179 deadline is December 31.

As we approach the New Year, you will navigate through various challenges that often characterize the year’s final quarter. You will undoubtedly be busy juggling employees’ vacation schedules, stocking up on inventory, organizing your holiday sales, and taking the steps necessary to finish the year strong. But that doesn’t mean you need to put off investing in new or used equipment that can benefit your business.

You can claim an immediate deduction by purchasing or financing qualifying equipment and placing it into business service before midnight, December 31, 2023. Not only is this an effective financial strategy, but it is also an operational strategy that can help set the stage for success in 2024. Newer, more up-to-date equipment can help increase productivity and set your business apart.

How to elect the deduction.

To elect the Section 179 tax deduction in 2023, you must purchase or finance equipment that qualifies for the deduction and complete Internal Revenue Service (IRS) form 4562. It is important to note that the deduction is not automatic. Just because you invested in eligible equipment does not mean you can get the tax deduction — you need to elect it and provide the correct paperwork on your tax return.

References:

1. https://www.blockadvisors.com/resource-center/small-business-tax-prep/section-179-expensing/
2. https://tax.thomsonreuters.com/en/glossary/bonus-depreciation
3. https://www.thebalancemoney.com/depreciation-deductions-for-state-taxes-398930

Balboa Capital, a Division of Ameris Bank, is not affiliated with nor endorses H&R Block/Block Advisors, Thomson Reuters®, Internal Revenue Service (IRS), or The Balance. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

Section 179 limits and information on the Balboa Capital website are for illustrative purposes only; the Section 179 limits and information provided are subject to change by the IRS. Please visit the IRS website or consult a qualified tax professional for confirmation of the current Section 179 limits and information related to your situation.

 

 

Dean Morrison

Balboa Capital, A Division of Ameris Bank | Director Business Development
(O) 949.553.3408 | (M) 954.224.3390 | (E) dean.morrison@balboacapital.com

Q3 Update From Equipment Leasing and Finance Foundation

 

Q3 Update to 2023 Economic Outlook Forecasts 0.9% Expansion in Equipment, Software Investment

July 19, 2023, 07:25 AM Filed Under: Equipment Leasing & Finance Foundation

High interest rates and slowing economic growth will continue to impact equipment and software investment growth as the year progresses, according to the Equipment Leasing & Finance Foundation’s Q3 update to the 2023 Equipment Leasing & Finance U.S. Economic Outlook. The report revealed that economic growth in Q1 was stronger than initially estimated, leading the Foundation to raise its annual U.S. GDP forecast to 1.6 percent. However, after investment contracted in the first quarter — and with a potential recession still looming on the horizon — the Foundation revised its annual estimate for equipment and software investment growth down slightly, to 0.9 percent.

The Foundation's report is focused on the $1.16 trillion equipment leasing and finance industry and highlights key trends in equipment investment, placing them in the context of the broader U.S. economic climate.

Nancy Pistorio, Foundation Chair and President of Madison Capital LLC, said, “The U.S. economy posted surprisingly solid growth in Q1, and labor markets have been unexpectedly resilient to higher interest rates. Additionally, after a poor first quarter for equipment and software investment growth, it appears that the segment may have picked up a bit in Q2, and several of the Foundation’s forward-leaning Momentum Monitors are in a better position today than they were earlier in the year. Nevertheless, as the report makes clear, the economic tide still looks to be going out: core inflation is still above target, financial stress is rising, and labor markets are likely to weaken substantially later this year as the effect of high interest rates sets in. While a so-called ‘soft landing’ is still possible, a mild recession beginning by year’s end is still the most likely base-case scenario.”

Highlights from the Q3 update to the 2023 Outlook include:

• The U.S. economy has been stronger than anticipated driven by a robust labor market and resilient U.S. consumers. Inflation has improved but remains above target, and a looming credit crunch and slower global economic growth remain significant headwinds.
• Equipment and software investment growth is struggling amid volatile industry conditions at the midway point of 2023 after decreasing by 4.5 percent in Q1. Although conditions may have improved somewhat in Q2, they are far from ideal. As a result, the annualized growth forecast for equipment and software investment is just 0.9 percent.
• The manufacturing sector’s measures of activity have held firm in recent months with solid production and sales in Q2. However, several leading indicators point to weakness later this year, including reduced demand from abroad, though the recent boom in manufacturing construction is a notable exception that should continue.
• Main Street has held its own during one of the most turbulent periods in recent economic history. However, a growing share of small firms are reporting weaker sales, tepid capital investment plans, and rising borrowing costs. The looming credit crunch expected later in 2023 is likely to disproportionately impact small businesses.
• The Federal Reserve held interest rates steady at its most recent meeting, the first such pause in the current tightening cycle. However, Chair Powell and the FOMC have made it clear that their work is not done and that additional rate hikes are likely later this year.

The Foundation-Keybridge U.S. Equipment & Software Investment Momentum Monitor, which is released in conjunction with the Economic Outlook, tracks 12 equipment and software investment verticals. In addition, the Momentum Monitor Sector Matrix provides a customized data visualization of current values of each of the 12 verticals based on recent momentum and historical strength. This month one vertical is expanding, five are recovering/emerging, and six verticals are weakening. Over the next three to six months, year over year:

• Agriculture machinery investment growth is likely to remain in negative territory.
• Construction machinery investment growth will decelerate.
• Materials handling equipment investment growth will likely remain subdued.
• All other industrial equipment investment growth is likely to remain muted.
• Medical equipment investment growth should improve.
• Mining and oilfield machinery investment growth may slow, but should remain positive.
• Aircraft investment growth will continue to slow.
• Ships and boats investment growth could decelerate sharply.
• Railroad equipment investment growth may decelerate, but will likely remain positive.
• Trucks investment growth may weaken but should remain positive.
• Computers investment growth could begin to bounce back.
• Software investment growth will continue to decelerate but should remain positive.

The Foundation produces the Equipment Leasing & Finance U.S. Economic Outlook report in partnership with economic and public policy consulting firm Keybridge Research. The annual economic forecast provides the U.S. macroeconomic outlook, credit market conditions, and key economic indicators. The Q3 report is the second update to the 2023 Economic Outlook, and will be followed by one more quarterly update before the publication of the 2024 Economic Outlook in December.

Download the full report at https://www.leasefoundation.org/industry-resources/u-s-economic-outlook/.

Download the Momentum Monitor at https://www.leasefoundation.org/industry-resources/momentum-monitor/.

 

6 Reasons Equipment Vendors Offer Financing

Equipment vendors must close deals to grow, expand, profit, and stay competitive in their respective markets. Sales provide the revenue needed to cover expenses, pay sales managers and support staff, and reinvest in the business. Plus, sales allow vendors to build customer relationships that may result in repeat business and increased loyalty. For these reasons, business-savvy vendors offer financing options to their customers, which is a proven way to increase sales and add value to their companies.

Offering financing to customers presents equipment vendors and their customers with other benefits. To learn what they are, keep reading this Balboa Capital blog article. It features six reasons why equipment vendors offer financing.

Makes equipment acquisition easy for customers.

Offering customers an easy, flexible purchase option is one of the most important reasons to provide financing. Prospects who visit your showroom or lot have a good idea of what they want, and presenting them with custom-tailored financing options and repayment terms can help you and your sales managers close deals.

If you don’t offer financing, the path to purchase will lengthen because prospects will need to crunch numbers and decide how to buy the equipment based on their financial situation. Additionally, prospects might take their business to a competing vendor that sells equipment with financing options.

Helps businesses procure equipment quickly.

Small businesses need the right equipment to stay competitive and boost profits and market share. In some cases, companies need to procure equipment right away. For example, if a critical piece of equipment malfunctions or breaks down, it can disrupt production and negatively affect the bottom line. Fortunately, equipment financing solutions provide a fast and efficient way for businesses to access capital quickly and easily.

It is an ideal solution for those who want quick access to capital without the hassle of long wait times or complicated paperwork. If financing is part of your product offering, customers won’t need to look for an outside lender, and they can quickly secure funding to finance the equipment you sell.

Boosts customers’ buying power.

Business owners who finance equipment often spend more than they initially budgeted for. The reason is that financing can give business owners more buying power than a one-time cash purchase. As a result, they can finance newer and more feature-filled equipment with higher price points.

So, by offering financing, your vendor business can attract more customers who would otherwise be unable to purchase higher-priced equipment due to budgetary concerns or financial constraints. You and your sales team can close more significant deals while your customers outfit their companies with leading-edge equipment.

Increases customer loyalty.

Offering financing options to customers can be a great way to increase customer loyalty. Presenting financing solutions to your customers when they are ready to move forward shows that you put their needs first and have everything covered.

You and your sales team members can provide more personalized services that meet your customers’ specific needs, particularly financing-related ones. This helps create a sense of trust between you and your customers, leading to increased loyalty and long-term customer relationships.

Offers more convenience to customers.

Today’s business owners wear many hats and are busy managing their day-to-day tasks. So, they want the convenience of an efficient financing process when investing in business equipment. If your vendor business is a one-stop shop for equipment purchases, financing, and customer support, your customers will be afforded optimum convenience. Customers can peruse your showroom or lot to evaluate your inventory, select the equipment they want, and apply for financing on the same visit.

Next, you can provide customers with more convenience by working with a business lender specializing in equipment vendor financing. Some lenders can expedite funding swiftly for approved deals with their own application, borrowing requirements, and credit-scoring technology.

Helps generate repeat business.

Customer retention is vital for any equipment vendor business that wants to improve its bottom line. It is about keeping customers happy and loyal and creating a steady revenue stream for the company.

By offering convenient financing solutions to customers, you can establish your vendor business as a preferred resource for the equipment you sell. This can lead to increased sales, repeat purchases, and referrals. Of course, all of these sales translate to increased profits.

What to look for in a business lender.

You have many options if you want to add financing to your list of services. There are direct business lenders that service equipment vendors, many of which have a national footprint and industry expertise.

When evaluating lenders, some things to consider include their time in business, reputation in the market, typical approval rates, lending power, and speed of funding. In addition, some lenders provide their vendor partners with marketing support, such as private-label financing applications.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

Section 179 2023

 

Section 179 is a Sales Tool For Vendors

One effective sales tool that forward-thinking equipment vendors deploy is the Section 179 tax deduction. Vendors mention the myriad benefits of this tax incentive to customers, which often helps reduce the path to purchase and results in more sales. In this Balboa Capital blog post, you will learn more about Section 179 and how you and your salespeople can use it to close more deals and increase profits.

What is Section 179?

Section 179 is a federal tax deduction that allows businesses to deduct the total or partial purchase price of qualifying equipment, vehicles, machinery, software, and other tangible assets on their tax returns with Internal Revenue Service (IRS) Form 4562. Not all assets are eligible for the deduction, so business owners must consult an accountant to confirm.

In 2023, the Section 179 tax deduction limit is $1,160,000, and the phase-out threshold is $2,890,000. Plus, bonus depreciation is 80% for equipment placed into service from January 1, 2023, through December 31, 2023.1 As you can see from these numbers, Section 179 presents business owners — your customers — with an opportunity for some tremendous deductions come tax time.

Make Section 179 part of your team’s training.

Your equipment vendor business can maximize profits and sustain long-term success with the right strategies. In addition to your business-to-business (B2B) marketing initiatives and website, you should have internal strategies for educating and training employees. This can ensure that your salespeople have extensive knowledge of the equipment you sell and its benefits and features.

You can’t assume that everyone on your staff understands what Section 179 is and how it works. Therefore, it would be advantageous if one of your employee training sessions featured an overview of Section 179 and how it benefits your end-user customers. When your salespeople understand this tax deduction, they can mention it to customers and feel confident answering questions about it. Moreover, they will realize how it can help them close more deals.

It will also help if you send an email to your salespeople that features a brief explanation of what Section 179 is, how it works, and what the current year’s deduction limit is.

Putting it into action on the sales floor.

Every vendor salesperson has a way of interacting with customers and helping them choose the best equipment for their business’s needs and budget. Customers will typically be interested in the equipment’s features, benefits, and capabilities and how much it costs. Equipment warranty, delivery, and installation, if applicable, are also talking points.

Most business owners are familiar with expenses that can be deducted from their taxable income, such as marketing, business insurance, legal fees, and rent. But regarding business equipment, they might not be fully aware of the potential deductions under Section 179. That said, you and your salespeople should mention Section 179 after you have covered the equipment’s features, benefits, and price, and your customer is nearing the finish line with their purchase.

If you mention Section 179 right when your customer enters your showroom or lot, you might sound pushy or desperate for the sale. It is best to welcome them and let them know you are available if they have questions about the equipment you sell or need advice and recommendations. Take your time, and don’t rush your customers through the buying process.

Over time, you will have a good sense of when to bring up Section 179. For some customers, it might be during the initial discussion about the equipment they are interested in, and for others, it might be at the point of purchase.

Conclusion

Section 179 can be a great sales tool for your equipment vendor business, as it incentivizes customers to purchase the equipment you sell. By mentioning Section 179 and its benefits, you and your salespeople can make the equipment more attractive to potential buyers while helping them save money on their taxes. Just advise customers to contact their business accountant if they need more information about Section 179 and how it applies to their business.

Balboa Capital, a Division of Ameris Bank, is not affiliated with nor endorses the Internal Revenue Service (IRS) or Hourly, Inc. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

As A Service Financing Solutions

 

Robotics Industry Infographic

 

This information was written for and appeared in an article published in Robotics 247 last month (January 2023) 

U.S. Robotics Industry Infographic

Facts and figures about the U.S. robotics industry.

 

Monetizing The Cloud

 

Monetizing The Cloud

Technology Project Financing Programs Create Positive Cash Flow

Balboa Capital, a division of Ameris Bank, enables a complete technology project financing alternative which follows the traditional monthly SaaS business model with the additional benefit of accelerated positive cash flow!

•  Accelerate Sales Cycles
• Control Your Sale
• No Cost, No Obligation Credit Clearinghouse
•  Improve Profit Margins
•   Increase Cash Flow

Additional Information: 

·         Every Proposal Should Include Financing Options

·         Introduce Financing Options at Top of Sales Cycle

·         Provides a pathway to move Capital Expense (CAPEX) to more preferential Operating Expense (OPEX) To Accelerate Sales Cycle

·         Provides Client with Potential Section 179 Tax Benefits

·         Improves Your Cash Flow Position: Turn Annuity into Up Front Cash Payment

·         Reduce Churn and Increase Client Retention

·         More Profitable, Long-Term Subscriptions

·         Mitigate Subscription Risk/Cancellation

·         Bank Commensurate Rates Eliminate “Rate Shopping” Delay Tactics

·         Simplify Operations to Eliminate Billing and Collection Issues

·         Predictable Monthly Payments Match Costs to Expected Benefits

·         Significantly Reduce Customer’s Out of Pocket Expenses

·         Preserves Working Capital and Bank Credit Lines

·         Include ALL project costs including Consulting, Implementation, Conversion, Migration, Extended Maintenance and Service/Support

·         Generate Additional Revenue/Profit Center

·         Eliminate Steep Discounting Practices 

Contact Dean Morrison for Additional Program Information:

 Dean Morrison

Business Development Manager

o. 954-825-0395 x 155

m. 954-224-3390

e. dean.morrison@balboacapital.com

What is a trademark

Balboa Capital Provides Excellent Information That Informs Our Valued Vendor Partners and End User Clients

https://www.balboacapital.com/blog/what-is-a-trademark/

Whether you are launching a startup or have been in business for many years, protecting your company is a vital step that can help prevent problems in the future. You can do this by hiring a good business lawyer, selecting the appropriate business legal structure, having a reliable accountant do your bookkeeping, and obtaining business insurance coverage. But what about protecting your business name and logo? Doing so offers you certain levels of legal protection if other businesses use your brand name and identity, which can confuse your customers and damage your reputation. Of course, we are talking about trademarking.

A trademark is a legal “mark” that protects your business’s name, logo, service mark, and any symbols relating to your company’s brand. In addition to helping protect your business from copycat branding and fraud, a trademark can help differentiate your business in the marketplace and make it unique. This Balboa Capital blog post features an overview of trademarks, including how they work and how to apply for one.

Trademark definition.

In the blog paragraph above, we provided a general trademark description. However, there is much more information to become familiar with. First, a trademark can be a word (or words), name, logo, and symbol used to identify a brand and its products and services and legally distinguishes it from other brands. In some instances, companies also register brand attributes like shapes, sounds, scents/fragrances, and colors. Businesses with legally approved marks often incorporate the little registration mark on their company logos.

Second, a brand name, logo, or related mark must meet specific requirements to qualify for trademark protection. For example, it needs to be distinctive and used in commerce, and the mark needs to be available. If another business has already trademarked a similar mark, a company will face an uphill climb when trying to trademark it. Many applications are denied when their marks are too similar to those that already have legal protection.

Third, trademarks are protected by law and may only be used on or in connection with goods and services which fall under the trademark owner’s control. So, suppose a company copies the name or logo of another company in the same industry. In that case, the holder of the original mark will most likely win a legal dispute.

How to register a trademark.

Many small business owners avoid trademarking their brands for a variety of reasons. Some do not understand why a mark is needed, while others think getting a mark is too expensive and time-consuming. No matter the reason, running a business can be risky without legally protecting the name and logo mark. In addition, trademark lawsuits can arise without warning and can be quite costly.

Registering a trademark is a reasonably straightforward process. And although it requires a nominal investment, it can give business owners peace of mind in knowing that they are legally protected should another company use their names and marks. The United States Patent and Trademark Office (USPTO) website is an excellent place to start. It features robust search functionality that lets users look for existing marks in the USPTO database.

Another option is hiring a business attorney specializing in intellectual property (IP). These attorneys are experts in the field of trademarking and can submit completed applications on time and provide business owners with updates on the status of their applications.

How long does it take to get a trademark?

Once a trademark application is submitted, it takes approximately three to six months for the USPTO to review it and verify the information. Please note this is the first step of the process, as it entails multiple steps. The business will need to meet various legal requirements. Not all applications are accepted, and business owners whose applications are rejected will be notified. The entire application, review and decision-making process takes between one year and 18 months.

When an application gets approved, the USPTO registers the trademark. The business owner must pay specific fees and meet scheduled deadlines to keep the mark active (live). Additional forms, called maintenance documents, need to be filed several years after the registration date. Therefore, business owners must stay on top of what must be done once their applications are approved. If a trademark is not renewed on time and expires, another business might be able to claim ownership of the same business name.

Conclusion.

Sorting through the ins and outs of trademark law can be difficult, not to mention time-consuming. Every small business has its own situation regarding branding, logo design, slogans, and products and services. So, hiring an IP attorney might be worth considering if you want to ensure everything is done according to trademark laws. Of course, an attorney can also help ensure that your trademark application is free from errors and includes all necessary information for the USPTO.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.