When a trademark has not become a registered trademark, it shall be marked with "TM", which includes both the registered trademark R and the unregistered trademark directly registered without the approval of the Trademark Office. TM on the trademark has its special meaning. The TM logo does not protect trademarks, which is different from R.
TM trademark can also play a warning role, telling others that this trademark has been applied!
Registered trademarks can be transferred to others, as long as they follow the formal process, but they need to bear great risks.