Assessment task 1
Word count: 1426
Registration of business name
A business name is a title under a single person or business entities. A business name allows consumers distinguish one business entity from other business entities. Moreover, it would enable customers to make an emotional connection to the unique business name and brand. Furthermore, it may become the most valuable intangible asset for a business entity. According to Gibson and Fraser (2011), the majority of businesses register a business name when they commence trading, rather than using the name of the owners. However, due to different states have different legislations for processes of business name registration, as well as there is no automatic cross-registration across the whole of Australia. As a result, if the business intends to operate in different states, it needs to be registered separately in each of the state. It is states that, where a business trades under a name other than, or more than, the one containing the owner's surname and initials, or in the case of corporate partners, their corporate names, then the business names legislation requires that the business name be registered (Gibson&Fraser, 2011). Moreover, business name can be registered online. As for Tasmania, the Business Name Act 1962 states, business names need to be renewed every 3 years.
The registration of a business name protects that name from being used by someone else
According to Gibson and Fraser (2011), although the registration of a business name does not create a right of ownership, the registering authority will generally refuse to register the same, or similar name. Consequently, registration virtually gives exclusive rights to the registered use of the name.
On the other hand, no proprietary right will be given by registration under the Act, however, by using relevant state business names legislation, businesses with registered names can still obtain...