When a business is established and has brand loyalty attached to its name then changing its name might be a tad bit risky as your clients relate to your brand with your business name. But then it is entirely your decision to do as you please- your business, your choice. However, you should keep in mind the business name change checklist.
Changing a business name is no walk in the park. The idea may sound fun, you get a chance to give a new identity to your business but at the same time, it does come with baggage. You cannot just wake up one day and decide to change your business’s name. Sure, you can wake up with that thought but executing it will take time and process.
Here is how to change business name, company name change checklist:
New name and trademark
Comes as no surprise that on top of the list of business name change checklist is that you need to rattle your head for a new name and once you have come up with that then check that there is no other business using that name.
Imagine going through all that trouble of changing your business name only to find out a business already exists with that name and it has been trademarked. You will definitely land in hot water!
Such a circumstance could prompt difficult issues and unexpected expenses as the other business make a lawful move constraining you, to yet again embrace another name for your company. Yikes! Certainly, you don’t want to go all over again through that process.
Do your trademark search and if all comes clean then trademark your name right away to protect your business name from getting used by another organisation.
Also, keep in mind that you have to be extra cautious that you do not use any sensitive words in your name that might offend any race or have another meaning to it too. Do proper research over the word/s you plan on keeping for your business.
Statutory Registers
The proper maintenance of the statutory registers (also known as corporate compliance documents) is essential. These are a necessity by law set by the Companies Act 2006. Neglecting to keep the right registers for your organization may leave you open to a fine of up to £5,000.
Changing your business name, you should guarantee that you appropriately update these documents and registers. Failing to do so you may have to face legal action and painful fines.
Inform HMRC
You require to inform HM Revenue & Customs of changing your business name and details. You have to inform the taxman of changes to your business. Submitting annual accounts will still be carried out each year thus all updates should be provided beforehand to avoid any problem later on.
Logo changes
You most certainly cannot use the same logo and slogan with the new name that you have chosen for your business. Your company’s logo is your business’s identity and makes you stand out from your competitors.
The logo is one part of building a brand and accomplishing the recognition of your business.
Change company domain name
You cannot be using the new business name with the old domain. This will certainly spur a bit of confusion to your clients. Sure, you can keep the old domain but at the same time, you have to have a new website domain.
Older domain names hold more incentive with the search engines, so holding on to it and re-directing traffic from there to your new company domain name is a good idea.
While you are at it, make sure to update your website content too! Obsolete content, inaccurate company subtleties, and promoting material identified with your old company name will be of no utilization with the progressions to your company’s name.
Keep your bank in the loop
You’ll have to update your business bank of any progressions to your company. Yes, even if it is just changing your name. Without appropriate business banking, you will find that it’s hard to work and continue to grow.
While you are at this you can also change your bank along with your business’s name. Every bank offers different incentives, rates of interest, and services, you can pick a bank that suits you best. Or not, we are just throwing in ideas. It is all up to you and we know you can decide better what is more suitable for you and your business.
How to change your business name does come with a bit of work, if you thought all you have to do is just change the name then you might want to reconsider that idea. If this business name change checklist scares you then you can always reach out to our accountants at Accounting Firms and they will try their best to help you in whatever way they can.