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Attorney Eels from Potts Weinstein explains how to formally transfer trademark ownership. This process is necessary when a business transitions from a sole proprietorship or general partnership to an LLC or corporation, or when selling a business. To execute a formal transfer, an assignment must be filed with the United States Patent and Trademark Office (USPTO). The attorney advises viewers to visit the USPTO website, navigate to the trademarks section, and access the application online to find the necessary forms for this process. The video emphasizes the importance of proper filing to ensure trademark ownership is legally transferred.