There are two very basic phases to choosing a name and they’re both surprisingly specialized( which is why the advice of using a firm with experience in name selection should be well-considered).

First, you have to choose a name or moniker that is applicable to your organization or your product. Does it apply? Will the reader readily be able to pronounce it? Is it too regional or culturally-based? And then there are the psychological ramifications. What image does it conjure up in the reader’s mind? Are there any potential unintended connotations? Lots to consider.

At the same time all the legal issues Jeffry noted above still apply. Once you have selected a name (or short list of candidates) they must be “cleared” by your legal staff. And here is where I highly recommend the help of a competent trademark attorney. While no one may be using the name you have in mind, you may have inadvertently chosen a name that comes close enough to a protected brand that confusion may arise. And if that confusion is with another brand having deep pockets on the legal side, prepare to receive a cease and desist letter right away. Again, a very costly situation.

A quick search on the USPTO’s site should always be your first stop. I don’t even suggest any new name to my boss before doing a cursory Web search and a PTO search using TESS.

Great advice.