This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Find out more hereX

Home > Discussion Forum

Discussion Forum

mattley23 mattley23 is offline
Connector
Join Date: Mar 2003
Location: Shropshire
Posts: 560
Regestring business name

Hi,

I wanna register my business name purely for protection reasons, you know so someone cant set up and trade in the same industry as me using the same name etc etc..

But my problem ias, is that my business isnt ready for Ltd status yet and i defenately dont wan to submit my accounts each year although I will priobably become Ltd in the future.

Can anyone tell me if registering with the National Business Register will give me what I need or can you suggest any other course of action to take??

Thanks
__________________
www.sgcbuildingsolutions.co.uk
Commercial & Domestic Building Contractors

www.permasealroofing.co.uk
EPDM Rubber Flat Roofing Specialists
Reply With Quote
Clementine Clementine is offline
Connector
Join Date: Nov 2003
Location: Twickenham
Posts: 319
Matt,

You can register your business with companies house and let it sit dormant for as long as you want. All you do every year is send in a set of dormant accounts (easy). Whenever you are ready to commence trading, just do so.

I don't know a lot about the National Business Register, but what I would say is that Companies House are the main organisation I would go with them for total protection.

And how is your knee (if you don't mind me asking)?

Clem.
Reply With Quote
mattley23 mattley23 is offline
Connector
Join Date: Mar 2003
Location: Shropshire
Posts: 560
Hi Clem,

Firstly the knee, yeah its ok. Got my date through for my recon operation - Nov 29th so at least it means that i will be having a 3 month christmas holiday this year!!!

Thanks for the advice re: registration. Can I ask though - my company is trading although for the 1st 12 months I cant see it making that much money hence not becoming VAT reg and not going through companies house. Im guessing that means that i cant register a dormnt company under Habaner Clothing can I???

I dont think this is possible but could I register Habanero Clothing Ltd and let that sit dormant but still activly trade under Habanero Clothing?!?!?1 If not what other options do i have knowing that I am in a trading status.

Cheers Clem
__________________
www.sgcbuildingsolutions.co.uk
Commercial & Domestic Building Contractors

www.permasealroofing.co.uk
EPDM Rubber Flat Roofing Specialists
Reply With Quote
Adam Adam is offline
Connector
Join Date: Jun 2002
Location: Leighton Buzzard
Posts: 1,811
Habanero Ltd and Habanero are two completely seperate entities.

When I took ******4U Ltd to a tribunal (and won) I put them down as just ******4U and the chariman (judge type person) made it clear that this was different and I had to declare it was actually the limited company involved.

HOWEVER, there may be an issue that you are using both.

You can have XYX Ltd trading as XYX but that still means the LTD company is not dormant.
__________________
Adam Fahn

Vending Solutions from Vendesent.co.uk
Reply With Quote
James Smith's Avatar James Smith James Smith is offline
Connector
Join Date: Mar 2003
Location: Abingdon, Oxfordshire
Posts: 2,044
Matt,

As clem says, if you nab the ltd co. and sit on it as a dormant there isnít much anyone can do about it. There is no restriction on doing this just because you are small at the moment.

Cost you about £40 to set up the company, and about an hour a year filling in companies house forms plus their annual filing fee which is about £20 or something equally inconsequential.

That said as Adam alludes to, you could incorporate as "matt ltd", even if there is a habanero ltd at this point, and still trade as habanero clothing as your brand name.

The national names register just seems to be a money making scheme to me, I donít think there is a lot of value in it. As a sole trader there can have multiple names the same - you look on there for hairdressers called "The Salon" or similar. Ill wager there will be pages of them, one in each town.

Or you could just not worry too much about it, you have picked an unusual name and the chances of both your biz reaching ltd co. size and someone else doing the exact same thing are fairly small in the scheme of things.

Regards,
Reply With Quote
BizNess BizNess is offline
Connector
Join Date: Jan 2004
Location: london
Posts: 229
Can anyone just let me know if this is the same for if you want to trade firstly as a "sole trader" I james has recommended this currently as the best way to start off and can you "upgrade" to ltd company later?
__________________
The Devils Advocate!
Reply With Quote
James Smith's Avatar James Smith James Smith is offline
Connector
Join Date: Mar 2003
Location: Abingdon, Oxfordshire
Posts: 2,044
You can certainly "upgrade" as you put it.

What happens is you as a sole trader sell your business at open market value to the limited company.

There are a number ways of doing this and it opens up some very beneficial tax breaks. It isnít however something you should do yourself - if you make a mess of the transfer you can get hit with various unwanted taxes and problems. I often end up picking up the pieces on these 6 to 12 months down the line and it can get messy when done badly. It goes back to the ďget advice before you do itĒ with anythign to do with ltd co.s

Regards,
Reply With Quote
BizNess BizNess is offline
Connector
Join Date: Jan 2004
Location: london
Posts: 229
Many thanks James - believe me anything I eventually do regarding company formation will be done in consultation with you.

If the process of becoming a sole trader

(is this the way to go? - i intend to do some web/hosting services on the side whilst I'm stuck in a pretty technical backend job with no creative outlet)

is painless and I can make this company "dormant" until Iím ready then can some one advise me the best way to formate my company?
I have already had some dealing that might have been better done through a company name Ė and perhaps I should just get on with it!!

As a sole trader what do you officially call yourself? mycompany ltd?
__________________
The Devils Advocate!
Reply With Quote
BizNess BizNess is offline
Connector
Join Date: Jan 2004
Location: london
Posts: 229
I've asked this question so many times now - you can just tell i'm delaying the steps!!
__________________
The Devils Advocate!
Reply With Quote
James Smith's Avatar James Smith James Smith is offline
Connector
Join Date: Mar 2003
Location: Abingdon, Oxfordshire
Posts: 2,044
biz - if you are trading as a sole trader, this is NOTHING to do with being a ltd company.

This means the trading name you use must not have the word "limited" in it.

Other than that you can call it what you chose, simply register with the Inland Revenue within 3 months of starting up.

Starting a company and keeping it dormant as discussed on here quite a few times can be used to "save" the company name, but really isnít a necessary step, especially if you donít even have a business yet.

I personally would start with getting some business in first, and then register as a sole trader when I actually got some money through the door.
Reply With Quote
BizNess BizNess is offline
Connector
Join Date: Jan 2004
Location: london
Posts: 229
Ok I will act up on your advice - money through the door first

On what level of income do you think it best to basis a company formation on?

I have a number of trickle revenues currently but nothing totally more that £1000 per annum (there is the odd one or 2 that been substantial) I havenít tried to secure more work because of it just gets a little awkward with personal cheques, invoices etc and registering services with my personal name.
__________________
The Devils Advocate!
Reply With Quote
James Smith's Avatar James Smith James Smith is offline
Connector
Join Date: Mar 2003
Location: Abingdon, Oxfordshire
Posts: 2,044
I personally would incorporate for tax reasons in the region of £15k or more per annum, so the tax breaks pay for your additional admin costs.

As a sole trader you can still set up your own sole trader bank account, with a business name if this makes commercial sense to do so.

You would need

" 'youname' trading as 'bizness'"

On your stationery etc, but can use "bizness" as a logo and as a Payee on cheques etc if you set up your business bank account in this way.
Reply With Quote
BizNess BizNess is offline
Connector
Join Date: Jan 2004
Location: london
Posts: 229
ah cool

thanks for another snippet of great information that I WILL be using in the future!

might seem a little odd if all the stationery has to have this written on it
" 'youname' trading as 'bizness'"
rather than
"bizness"
I would prefer a more professional looking title

watch that phone james =
__________________
The Devils Advocate!
Reply With Quote
Clementine Clementine is offline
Connector
Join Date: Nov 2003
Location: Twickenham
Posts: 319
I have mentioned this a few times before, but check out

www.quickformations.co.uk

you can register a company on-line and it really is easy. The guy who runs it uses these forums (Ozzy) and it's a good service.

James can assist you in running the company properly though as that's where you can run into problems. You can register it and leave it dormant until whenever you want if you are worried about the name.

(Ozzy should run an affiliate scheme as I am always recommending his services)!

Clem.
Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
BB code is On
Smilies are On
[IMG] code is On
HTML code is Off


All times are GMT +1. The time now is 07:25 AM.


Powered by vBulletin® Version 3.8.1
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd. Copyright Shell LiveWIRE 2005-2009