Tweet
Business Name selection Process
Although choosing the correct business name for your small business doesn't lead to business failure, you do however want to ensure you have a lasting impact on your customers. Not only does your business name need to stand out to customers but also convey the right message. During company registration you should check whether your business name is available for your small business. For company registration you no longer need to reserve your business name due to the new companies act. But if the business name is rejected you will have to register your B-plan for your small company. Companies and intellectual Property Commission (CIPC) is responsible for company registration.
During company registration you will need to decide what form your small business is going to take. According to the new companies act it will either be a Profit or non-profit
Profit company types:
A personal liability company (sole proprietor)
A state-owned company
Public company (PTY)
Private company
Public company are similar to previous CC and the popular company registration for a small business.
During company registration you are required to submit a memorandum of incorporation, certified color copies of directors ID's and supporting documents. In order for the company registration of your small business the business name should be provided. Tips for selecting a business name for your small business:
Ensure you are aware of the business name of your competitors
Take your audience into account when deciding on a business name for your small business
Easy to pronounce and spell business name that is short
Ensure you are aware of connotations the business name may have, as we are in a diverse society and meanings are created from different cultures and values.
Don't use specific business function as name as this limits your possibility for growth
Ask those who you trust around you for opinion and their honest thoughts.
Have more than one option for your business name, six is recommended.
During company registration you will need to decide what form your small business is going to take. According to the new companies act it will either be a Profit or non-profit
Profit company types:
A personal liability company (sole proprietor)
A state-owned company
Public company (PTY)
Private company
Public company are similar to previous CC and the popular company registration for a small business.
During company registration you are required to submit a memorandum of incorporation, certified color copies of directors ID's and supporting documents. In order for the company registration of your small business the business name should be provided. Tips for selecting a business name for your small business:
Ensure you are aware of the business name of your competitors
Take your audience into account when deciding on a business name for your small business
Easy to pronounce and spell business name that is short
Ensure you are aware of connotations the business name may have, as we are in a diverse society and meanings are created from different cultures and values.
Don't use specific business function as name as this limits your possibility for growth
Ask those who you trust around you for opinion and their honest thoughts.
Have more than one option for your business name, six is recommended.
Comment