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Choosing a New Business NameNow, to be honest, we invented these names. In fact one of those company names is a company we started ourselves! I'm sure you have heard these types of names before - none of them tell us what services the company provides or the products that they might sell. When setting up a business you must think carefully about what you want to call it. You cannot simply call your business any name that appeals to you as there are rules and regulations governing both the form and the use of certain words and phrases in business names. Registering a Business NameYou may be required to register your chosen business name with an official Government body, although this will depend on whether you operate as a sole trader, partnership or limited company.Depending on what country you are registering your business in will make a difference as to what hoops you will need to jump through. What makes a good business name?Well this is a difficult one as it is subjective, one persons view can be different from another - and as there are around 7 Billion people on the planet - there is going to be a lot of different subjective views to your business name. However in saying that it is likely that your business name is often the first point of contact between you and your customers, so it is crucial to choose the right one for your particular circumstances. Before you decide you need to realise there are certain rules you must adhere to before choosing your business name...Your business name should:
A good business name should also:
Forward ThinkingOkay time to come clean - we came up with the name Funky Kitsch - initially we just wanted to sell funky fabrics on the site - but rather than call it Funky Fabrics or Funky Kitsch Fabrics we decided that if we just called it Funky Kitsch then in the future we could sell anything, which is exactly what we do...funky stuff, funky children's clothing and accessories, Skummis, Noodolls. We even sell collectables such as maileg mice and sonny angels.We didn't even know about half of these products before we started selling them on the site - and who knows what other things that site will sell in the future...and that is the point...you don't know what your business is going to be selling in 6 months time for sure - you might want to go in a different direction...the world is changing faster with better communication, better transport, the world is a smaller place. Also before we agreed on the name we made sure the domain name was available in that form, otherwise we wouldn't have chosen that particular business name. In this day and age having a business web presence is critical. Rentokil for instance used to just deal in pest control - now under the name Initial they also provide wash room services...so they changed their business name which would have clearly cost a lot of money in re-branding...if you choose a name that means nothing in particular you can then stick with it and build up the brand name and it won't cost you an arm and a leg to change the name not to mention all the upheaval. Does the local Business Names Act apply to you?A business name is a title used by any sole trader, partnership or company, which differs from his or her own personal name, for the purposes of trading as a business entity. The local Business Names Act will set out the requirements regarding the use of business names, and the disclosure of requirements of certain details of ownership. It's important that you understand that each country has their own act so you need to view the act that applies to your country.Whichever country you are setting up a new business the purpose of the act is to ensure that businesses cannot use names that mislead the public into believing that a business has a size or status that is not justified. It is also designed to ensure that potential customers and suppliers understand fully which business they are dealing with. The Act will apply to your business if you are:
The Act will not apply to your business if you are:
Which words and phrases are restricted by law?Using restricted words and phrases (also called 'sensitive names') in a business name requires approval regardless of whether you are a sole trader, limited company or partnership. Using restricted words in a name without approval is a criminal offence. The restrictions to prevent misleading the public include:
Misleading the public, or 'passing off''Passing off' is the term in civil law for misleading the public, even if unintentionally, into believing a business is actually another business. For example, selling motor cars under the name Range Rova could be considered as 'passing off' and you may be sued by an injured party in a civil court.Remember that registering your company is no guarantee against accusations of passing off. In addition, if you are a limited company, any injured party may object to your use of a name by registering a complaint and if it is considered that your business name is misleading or unsuitable, you will be directed to abandon the name in favor of another. Likewise, if you discover someone is using a similar business name to your own, you should register your objection as soon as possible. Similar complaints against sole traders and partnerships are dealt with by the civil courts and you should seek the advice of a solicitor. What about Internet domain names for businesses?Allocation of domain names is not currently policed by any Government agency. Each GTLD (Generic Top Level Domain, such as .us, .co.uk, .net, .com and so on) is subject to its own registration authority.You can find a list of all the specific domain name country extensions here. Several international and national bodies are responsible for managing records of domain name registrations. Registration bodies include:
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Saturday, September 21, 2013
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