Starting up a business is indeed a myriad of choices to be made. Right from deciding the form of business structure to getting it a name, every step you take towards commencing a business is, in fact, a matter of choice. One of the very first decisions you need to take after deciding on the business form is the name for the business. A name that is catchy relates to your business, is easy to remember, easy to pronounce, and most importantly complied with the provisions of law.
William Shakespeare said, “What’s in the name?” Does this hold any good in a present-day scenario where the name has power enough to make you or break you? Do you think “Jerry and David’s Guide to the World Wide Web” could be equally famous as yahoo is today had it not changed its name from that train of words to simply YAHOO?
Let’s consider a few factors that can help you choose the right name for your company.
General
- Short and Simple - The name should be easily understood. Every time you have to explain your name, you're just devaluing your brand. The name should be simple enough to be spelled and pronounced the right way. Preferably keeping it short and restricted to two syllables and some 8-10 letters. The name should be simple enough that even a Google search brings the person to the right location in one go.
- Clue - Select a name that gives a clue about what your company deals with. It can often be easy to recall your company’s name when goods or services related to your company are talking about. Take for example our own name Debitam - the name is too straightforward to explain what we do. Hence, there isn’t any extra burden about remembering the name or explaining our genre of work.
- Unique and easy to remember - Distinguishable, a far cry, catchy and snappy. Make sure to it has no negative meaning or offensive connotations in any other language. An outstanding example, A famous drinking competitor to Coca Cola was originally named Brad’s drink which doesn`t sound that exciting, does it? Until it becomes the second most selling carbonated drink brand in the world, Pepsi!
- Restrictive name - It should not restrict your scope of work or prevent you to add on any other product line, geographical location, or any other factor for that matter. The name should never be a hindrance to growth. For example, Dunkin’ Donuts gave up Donuts from its name and is currently known only by Dunkin’ since it offers sandwiches, coffees, and other drinks besides selling doughnuts. Another example of this could be Minnesota Manufacturing and Mining. It was growing beyond its industry and also its state. So to avoid limiting its growth, it changed its name to 3M, a company now known for innovation.
Provision of Law
- Trademark or registered name - The name should not be the same as or too similar to any registered company name or trademark.
Jerry and David’s Guide to the World Wide Web
YAHOO
Debitam- Same as - It is considered to be the ‘same as’ when the only change to an existing name is punctuation, special character, a word or character commonly used in UK company names.
- Too similar - It is identified as ‘too similar’ if someone complains and Companies House agrees with the complaint that suggests its "confusing similarity" to a name registered of an existing company.
- Offensive - The name of the company should not be offensive or something that constitutes an offense.
- Sensitive - The name can`t contain any sensitive word or expression. Also, you need to get permission if the name suggests a connection with HMRC, local authorities, or any public authority.
- Limited or Ltd. - A private company’s name should end with ‘Ltd.’ or ‘Limited’ unless the company is registered as a charity or limited by guarantee. Welsh equivalents ‘Cyfyngedig’ and ‘Cyf’ can be used instead of the company registered in Wales. The public companies must end with ‘public limited company or ‘plc.’
- Misleading - The name of the company should not mislead an indication of the nature of the company’s activities it is likely to cause harm to the public.
- Opportunistic registration - Opportunistic registration is the term applied to a company or LLP, which registers a name, same as a name associated with the complainant in which the latter has goodwill; or it is sufficiently similar and is likely to mislead by suggesting a connection between the company and the applicant. In complaints against. For opportunistic registrations, the company may be required to change its name.
Conclusion
So are you ready to breathe life into the company you had just dreamt of? Thinking if there’s already a company with the name that’s in your head? Let us help you. Click here to know the name availability. This is just the beginning. Hold our hands and we shall lead you through the entire journey, from company formation compliances to periodical taxation and accounting needs.
Jerry and David’s Guide to the World Wide Web
YAHOO
Debitam
