Changing my LTD's name vs forming a new business Changing my LTD's name vs forming a new business
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  1. #1

    Nervous Newbie


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    Default Changing my LTD's name vs forming a new business

    Hi all – what are the advantages/disadvantages of renaming my existing PSC? Its current name is not particularly appealing, so I am looking for a rebranding exercise with a designer.
    Is it worth to form another business and let the existing one get into dormancy, or should I just rename it? Thoughts?

  2. #2

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    Quote Originally Posted by Digiwolf View Post
    Hi all – what are the advantages/disadvantages of renaming my existing PSC? Its current name is not particularly appealing, so I am looking for a rebranding exercise with a designer.
    Is it worth to form another business and let the existing one get into dormancy, or should I just rename it? Thoughts?
    Firstly I think you are using dormancy incorrectly as many do. You have to make a company dormant which is completely different to just leaving it unused.

    Secondly why not just use 'Trading as'? Explained here...
    https://www.businessnamechecker.co.uk/trading-as-names/

    Thirdly... think harder before going for an amusing name like TNUC Ltd next time.
    'CUK forum personality of 2011 - Winner - Yes really!!!!

  3. #3

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    It's a five minute job to change your company name on CoHo and then a little while longer to change it elsewhere on bank accounts etc but it's really not onerous.

    As NLUK says, you can use t/as and call.yourself anything you like. Your invoices will need to state Twunt Ltd t/as Honest Dave on them which may not fit with your branding aims.

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    If the name is the only issue then just change it via companies house. I did it with an off the shelf Ltd back when it was easier to buy one of those than set up a new one from scratch.

    The old name will still be shown in the company history on companies house but no big deal unless the name change was to try to pretend to be nothing to do with the previous name.

    If doing it for branding make sure there is no trademark clash or similar Ltd already existing (even if dissolved) that may complicate things.
    Maybe tomorrow, I'll want to settle down. Until tomorrow, I'll just keep moving on.

  5. #5

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    Unless you've got some big plan to appeal to the "man on the street" and sell to thousands, I think you are over-thinking it, no-one in a B2B relationship really cares what the company is called, they just care if you can do the task.

    If you plan to operate in a B2B rather than direct to the public I can't see any reason to change a company name (except for vanity reasons) apart from maybe the two scenarios below.

    ONE
    ----

    In a moment of madness to prove to your partner how much you loved him you named your company Mandy and Tom Forever LTD. Soon after Tom went off and had some fun with Angela, Claire and Joanne - you've now left him and don't like the reminder in the company name

    TWO
    -----

    You named your company (in a moment of deluded hilarity) "Accenture can suck my hard pole" and now you want to do work with said suckee... I can see here that your company name might benefit from a change even in a B2B market

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    Quote Originally Posted by oilboil View Post

    ONE
    ----

    In a moment of madness to prove to your partner how much you loved [them] you named your company Mandy and Tom Forever LTD. Soon after..
    Debian never changed.
    nomadd liked this post

  7. #7

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    i have similar question it was based on IR35 perceptive which is delayed now.
    My question is can we change the company SIC code from current working to some thing different i am going ask my accountant but would like some key points which is should be looking for .

  8. #8

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    Quote Originally Posted by cont123 View Post
    i have similar question it was based on IR35 perceptive which is delayed now.
    My question is can we change the company SIC code from current working to some thing different i am going ask my accountant but would like some key points which is should be looking for .
    What does changing name or SIC code have to do with IR35?
    'CUK forum personality of 2011 - Winner - Yes really!!!!

  9. #9

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    You can have multiple SIC codes. I once had retail on my Ltd alongside the more generic IT services one, for a plan B between contracting.

    The main impact of having accurate SIC codes is for any rules/taxes relating to specific sectors and things like VAT rates (e.g. flat rate scheme with different rates based on sector).
    Maybe tomorrow, I'll want to settle down. Until tomorrow, I'll just keep moving on.

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