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MARK TRADEMAN, TMIN NEWS ANCHOR, explains the importance of updating the USPTO about changes in business names, entity types, or ownership related to federal trademarks. If there are ownership changes, it's crucial to report them, especially for those with active trademark applications or registrations. Ownership changes can be simple, like a name change, or complex, such as a business sale. The video outlines three common types of ownership changes and emphasizes the necessity of keeping ownership information current to maintain legal protections and rights associated with the trademark.