![]() A competitor could start using the same or a similar brand name and erode all the goodwill you’ve built up. It makes sense to trademark your brand or business name. Your business name is consistent in your supporting documentation.If in doubt, check with Companies House sensitive word annex here. A government allusion could range from anything inferring official status (such as the words “British” or “Institute”) or implies any connection with official bodies, either national or regional, or any regulated activity such as banking, charity work and even the word Windsor. Companies House can reject your proposed company name if it is offensive, includes sensitive words or expressions, or if it implies a connection to government.If you’d like to set up a limited company, you need to register with Companies House, the UK’s registrar of companies.īefore you get started you should check that: >See also: Registering your business: sole trader or limited company? How do I register my company name? It is easier to pass on ownership of a limited company if you retire or on your demise than an unregistered business. Employee pensions qualify as a legitimate business expense. Pension contributions can be made before tax is deducted. It is easier to borrow money as a limited company than if you running a business as a sole trader.Ī limited company is divided up into shares, which means you sell stakes in your business in exchange for funding. If you supply large companies, some prioritise limited companies over dealing with sole traders. What this means is that you are not responsible for any financial loss made by your business. This reduces the amount of national insurance contributions (NICs) you pay, because company dividends are not subject to NICs.īecause a limited company is a separate entity to you, the owner, you have “limited liability”. ![]() If you are the director and shareholder of a limited company, you may choose to take a small salary and draw most of your income from the business in the form of dividends. Limited company profits are subject to UK corporation tax, which is currently set at 19 per cent compared to personal tax rates of 20pc-45%. One of the biggest advantages of registering a company name is that running your business as a limited company can help you to legitimately pay less personal tax than being a sole trader. 7 benefits of registering a company name vs.
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