A Trademark refers to an image, word, phrase, logo or combination of these elements as a representation of a business or service. The essence of a trademark is to create a mental image which allows a customer to instantly identify a product and the elements associated with the product especially the quality and price. Being a visual representation of a firm’s brand or logo, a trademark helps customers to associate and make a positive connection with a product or service. In business valuation analysis, a trademark qualifies as an intangible asset because it is recognizable and its potential value can be accurately measured by applying appropriate valuation techniques. Intangible assets are a class of assets without physical form (such as a building) which generate economic benefits to the owners. To estimate the fair market value of a trademark, business valuation analysts apply techniques under the market, asset and income valuation methods. Owners of trademarks obtain legal protection for a trademark through intellectual property right registration with appropriate patent and trademark offices. Such legal protection prevents other businesses and individuals from using the specific image and text associated with the trademark thereby granting the owner(s) exclusive rights over all the economic rights associated with the trademark.