The first question for every founder is: What should I call my company or what name should the company get?
After all, the business name usually lasts “forever and ever” and accompanies its owner for a lifetime.
An unfortunate choice of company name would cause constant problems and possibly also present the company badly to the outside world, says businesspally boss.
You may even have to change the business name later and re-brand but that can cost you a lot.
Choosing the right business name is therefore one of the most important basic decisions when starting a company.
The following must be taken into account while registering a business name
Most Company types that operate in regular business transactions are, for example, the limited liability company, the limited liability company, the open trading company, the limited partnership, and the stock corporation.
In addition, there is the designation of the registered businessman or the registered clerk.
All designations supplement the company name and must always be specified in legal transactions, says Techpally editor.
The Commercial Code contains numerous regulations that must be observed when choosing the right company name.
These include the principles of company truth and clarity, the prohibition of deception, according to which it must be clear what type of company exists and who the company owner is, businesspally editors reiterates.
The company name must not contain false information about the company.
Likewise, each company must be different from other companies that are registered in the commercial register and are located in the same geo area.
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The name gives the company a mission statement and develops a signal effect not only externally, but also internally.
Business partners and employees orient themselves by the name and associate something with it.
Customers have ideas and expectations that they associate with the company name, for example, Healthpally has shown the business is related to health.
Sexpally is a name that means the company is into adult products or/and services.
Protect your business names and digital properties
In addition to protecting your company name, you can also have your logo and other intellectual properties protected, says Techpally editor.
This represents an important figurehead of your company and is usually noticed first by customers.
If you want to register your company name or company logo, you can submit a corresponding application to the “US Trademark and Patent Office.
If you are already active in the EU, you can register with the “European Union Intellectual Property Organization – EUIPO” as an EU trademark.
Outside the EU, you can register your name and logo with the “World Intellectual Property Organization – WIPO”.
There you can choose in which of 126 contracting states your registration should take effect.
However, an international application is very research-intensive and is not recommended for a startup.
Tip!
After finding a name, it’s time to bookkeeping! Digital accounting software does a lot of work for you and you can focus on the cool things.
Tips for finding a Business Name
You can find the right company name by analyzing word and concept fields, determining priorities, and checking the rights of other company names.
Nevertheless, certain principles should be applied to find the right company name.
- The name should be easy to remember and easy to pronounce
- Pictorial names of animals or objects stay in the memory longer
- Creative or even funny company names grab attention and are easy to remember
The company name must not have a negative impact but should point positively to the business idea.
The term should not contain any ambiguity. A name that conveys a benefit for the customer is also easy to remember.
