Start Up Business Name Regulations & Help

Phil_OAFC

Hello,

We are looking to start up a company, but initially going to test the water and see how much and what work comes in.

If anyone could give any advice it would be great.

Basically, we are a few electricians going our own way, we need a company name, we have one we like, but we are unsure on if it can be used.

Initially we are going to create a website, a social page of our work and get our name in the local magazines.

Question 1)

Company name, for example if we want to call ourselves 'Electrotech' (we dont) but there is already a company who is called electrotech northwest ltd, does this mean we cannot use electrotech in any way shape or form? or could we have electrotech yorkshire ltd? We dont want to toe step on company names.

Question 2)

We initially don't want to become limited. What other options are available, we want low cost literally two men, one white van a website and to carry on our daily work. Should we still officially register as a business?

Question 3)

Can anyone advise on insurances needed?
Creating a bank account to store our cash in?
I guess at some point we will need an accountant, do we just keep a diary of jobs completed and cost, with receipts for consumables/cable?

Like I say we're looking to test the water initially, and not fully both pack in our full time jobs just yet, but we have the hours available to take some work on.

Can anyone help with the above points or things we have missed for starting up and getting on the road?

Appreciate your help, Thank you!

Phil_OAFC

After some research, Ive just found the company name we are after is Disolved. I have no idea if this means we can take this name. It does say available to buy though.

There is lots of agents offering to help for £60 but companies house says it is only £12 to register a business. Once the name is bought there is no on going costs to owning a business if our plan doesnt work out? All seems far too complicated, all we need is a company, a van, and an advert and our already good word of mouth in the area.

paddyrg

This is the stage at which to discuss this with an accountant, there are implications to some of your decisions that you're asking internet strangers for info on!

1) The main thing is to avoid confusion, then you're less likely to get sued
2) Don't want to be ltd, sounds like you're describing a partnership. Be very aware of getting all the partnership agreement down in advance, things always go awry once cash is involved, so things like maybe your mate has a baby so no longer does overnight shopfitting and so brings less than half the money into the partnership, but still charges 50% of the fuel. How do you divvy up the money now? Then you go on holiday and break your leg whilst skiing, or get married or divorced or move away, and the van is in your name but partner paid for last MOT and tax... It can get very messy, so must be done properly, in as much detail as you can, and an accountant/lawyer can help guide you on this. You need to make these difficult decisions right now, before there's money involved (which always changes things)
3) At the very least you'll need liabilities cover.

You do need an accountant as you're asking about paying to register a business which means beginning a limited company, which you just said you didn't want to do, and whilst £12 may get you started, you're committing to maybe £1000/ year in accountancy charges, and may not realise you need to withhold x% for corporation tax etc. Get an accountant now if you're serious about dipping a toe, it'll be much cheaper than screwing it up

martindow

After following the advice above you want to check that the domain name is available. Using your example for Electrotech you would want to be able to use electrotech.co.uk and/or electrotech.com.

If the domains are not available it would be best to adjust the trading name so that your website is the same. If you google electrotech you will see that there are many variations used - electro-tech, indianaelectrotech, orionelectrotech, etc.

lincroft1710

Phil_OAFC wrote: »

After some research, Ive just found the company name we are after is Disolved. I have no idea if this means we can take this name. It does say available to buy though.

No doubt you will check that the dissolved company had a good reputation, taking the name of a discredited company will probably inadvertently lose you business.

Personally I would prefer to do business with "Smith and Jones (Electrical Contractors)" than "Fancynamelectrics"

Phil_OAFC

I'm sorry for the delay in replying, thank you all for you help and advice, it is very much appreciated!!