So, you’ve decided to take the leap into contracting and now it’s time to make the ultimate decision – naming your limited company. This may be one of the most exciting steps for some creatively driven contractors, or the most testing, and dreaded step for some.
At Gorilla Accounting, we offer a specialist accountancy service for Contractors and Freelancers operating through their own Limited Company. This also means proactively supporting our community of contractors through comprehensive guides, informative blog posts, and helpful top tips.
The first step to incorporating your own limited company is to have a proposed name in place which will be subject to approval by Companies House. We’ve rounded up the key criteria which will have to be met in order for your name to be approved.
Limited or LTD
Every Limited Company name will end in ‘Limited’ or ‘LTD’, this is your decision. It’s key to remember that if you decide on ‘Limited’, you can always shorten this to ‘LTD’. Your incorporation documents will always record the term ‘LIMITED’ or ‘LTD’ in capitals.
‘Same As’ Names
To avoid confusion, advice from Companies House states that you stay away from company names that are close to, or ‘same as’ other company names. This works in the best interest of both businesses to avoid customer confusion, or diversion of trade.
‘Same As’ names can be classed as names that can only be distinguished by:
– Certain punctuation
– Highlighting it’s a UK based company. For example, ‘Doors UK LTD’ and ‘Doors LTD’
– A certain character. For example, ‘Adam and Sons LTD’ and ‘Adam & Sons LTD’
– A word/character that’s similar in appearance/meaning to an existing name
The name may be close to your heart if it’s a family name or part of a lifetime dream, so there may be a way that you can retain your proposed company name. Here are the exceptions:
– If you have written confirmation that the existing company has no objection to your ‘same as’ name
– If you are part of the same group as the company with the existing name
‘Too Like’ Names
If your company name receives a complaint for being closely alike to an existing company name, and if Companies House agrees, you may have to register under an alternative name.
Other
-Your company name can’t be ‘offensive’ or ‘sensitive’
-You will need permission to use a name that implies a connection to government or local authorities
-You will need permission to use ‘accredited’ in your company’s name
Business Name
You can choose a ‘business name’ to trade under, which is different to your ‘registered name’.
-Your business name must not end in LTD or Limited
-Cannot be a trademark name
The final step is to check that your proposed name is available, check this at Companies House.
At Gorilla Accounting, we offer a Limited Company formation for only £50 plus VAT, or as part of ourall-inclusive package at a competitive price at just £85 plus VAT per month.
If you have any questions about our service, get in touch with a member of our New Business Team by calling 0330 024 0406 or email info@gorillaaccounting.com.
