Originally written by seantoomer on Small Business
Buying a great company name isn’t everything but when it comes to the success of your business make no mistake, it counts for a lot
It will be the way customers find and identify you, so if you have a great name in mind it’s worth protecting it – even if you aren’t ready to start trading yet.
You might think of buying a company name, but really what you’ll be doing is creating a dormant company – that is a company which is legally registered with Companies House, but doesn’t trade or have any business transactions. As long as you maintain it, no one else can set up a company in your space or sector with the same name.
This is a well-established and accepted practice, but it does come with certain annual responsibilities, and there are definitely a few pitfalls to avoid when buying a company name. So here’s a handy guide to steer you through and make sure the process is smooth sailing.
>See also: How to choose the perfect name for your business
Creating a dormant company
In short, what you need to do to keep a company name for yourself is to incorporate a limited