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How to Choose the Best Name for your Business

23 December 2013

Choosing the name of your business is one of the most important things that you will have to decide. It is also one of the first decisions that you will have to make. This isn’t something that you should decide on a whim; it requires a lot of thought as the right choice could make you the talk of the town however, the wrong one could make you a lead you to the road of obscurity.

There is no specific science on how to choose the correct business name for your business however there are guidelines that you should pay attention to. Business names can be abstract or informative and some can even be made-up words. As company registration specialists, we have a wealth of knowledge when it comes to business names therefore we’re going to reveal just how you can decide on the best name for your business.

What Should a Name Say?

When deciding upon your business name you need to start by deciding exactly what you want your name to communicate. You name should enforce key elements of your business and your mission statement. Business names should be concise, to the point and above all memorable.

What to Avoid:

  • Long-winded, in-depth business names
  • Strings of numbers or initials – these are hard to remember
  • Geographical names – these can hinder you if you wish to expand.
  • Being too generic – You are a unique business your name should reflect this.

The best business names are meaningful, suggestive and broad. Combining two real words together can create a wholly new word and yet still reveal what your business is about. Don’t be afraid of being creative but remember to stick to the point.

Top Tips:

  • Think about the consumers you are trying to attract not just what appeals to you.
  • Think about your mission statement and what you want to achieve.
  • Do not add the word ‘limited’ to your name unless you are actually a limited company.
  • Don’t choose confusing names you will alienate potential customers.

If you come up with a few options ensure that you trial your name before making the final decision. The extra time you spend deciding upon a name for your business will save you money and time in the future should you desire to change it. It is important that you check whether the name that you choose is actually available and then you need to register it. Here at eformations we provide a vast variety of company formation services that you can take advantage of. If you require any further information in regards to any of our services do not hesitate to contact our professional, friendly and helpful team on 0208 232 5479.

Directors’ responsibilities in limited companies

20 December 2013

Company directors are the organisational leaders whose overall aim is to bring good fortune to the business by guiding the company into a successful direction. The first director of an organisation is appointed at the time of company registration. It is also important to register any successors, as this is a legal requirement.  Like many other jobs, being a director has its pros and cons and certainly has large amounts of responsibilities involved in day-to-day routines. Here are some of a directors’ responsibilities.

Success

When the business has limited company status, the business leader is a separate entity to the organisation meaning they are not liable to any legal measures such as personal asset repossession in the case of business failure. Due to this eliminated pressure, it is possible that some directors will not try their best to achieve corporate success. Therefore, it is a legal requirement that the director uses his or her skills and experience to guide the organisation to generating the largest possible amount of profits.

Rules of Association

During company registration, an article called the rules of association should be presented to the Companies House. This document contains information concerning the manner in which the company should be run and shareholders roles. The leader is required to run the business as stated in this set of rules.

Decision-making

Decision-making is also part of the rules of association. Making corporate decisions should be made to suit and benefit the company not yourself as a director. Major decisions that affect the company require consulting the shareholders to ensure everyone is satisfied with the business’ well being.

Information transparency

As a director, it is fundamental you practise ethical policies to establish trust from both stakeholders and shareholders. It is your duty to ensure the company accounts and financial status should be all true and fair at all times. If you carry out transactions from which you will acquire personal benefit, the company’s shareholders should be aware of this.

Directors should take full responsibility of their tasks so that the business runs efficiently. The jobs involved in running a limited organisation can be daunting and this is why we at Apex Company Services are available to help you with various tasks including limited company formation. Our experienced professionals are always available to offer you guidance regarding your limited company. For more information about our top quality services, do not hesitate to contact us on 02082325479.

The Importance of Paperwork in Business

18 December 2013

There are many things to consider in business however it is amazing to see how many people forget to perform the simple act of keeping records. Poor record keeping can and has been the demise of many businesses that may actually be entirely successful in every other way. Here is a guide to why paperwork is so important in business and how you can work towards creating an excellent documentation system.

Account for Everything

Every business no matter what size needs to keep clear and accurate records. Keeping in depth, detailed records will help you to effectively manage cash flow whilst providing you with financial statements that will be a great help when you are trying to monitor the progress of your business. Every type of business regardless of whether they are limited, a sole trader or partner needs to document deductible expenses and monitor tax payments.

A lack of paperwork leads to sloppy and inaccurate accounting records; this is something that could de-rail your business especially when it comes to filling out tax return forms and self-assessments. If you paying too little tax, HMRC has the power to take up legal action against you, you may be charged interest, or receive penalties and fines. It is important to note that if HMRC believe that your business is insolvent they are allowed and may start bankruptcy action or winding up proceedings.

Filing Systems

It is important to keep an accurate filing system, this doesn’t even have to be physical paperwork, and it could be a series of documents stored on your computer. It is important to track all documentation in regards to receipts and expenses. As your business grows so does your filing system therefore it is important for your filing system to be able to accommodate this. A great way to keep your records in order is to use separate files for each customer and organise the files by the type of expense.

No matter how mundane or uninspiring keeping accounts may seem they are incredibly important. This information is not only useful to entrepreneurs venturing upon new businesses but for those who have previously had a company dissolved or struck off. Here at eformations we provide a large range of company formation services as well as company restoration so if you have previously had a company dissolved or struck off you can benefit from our advice and our services.

If you require any further information in regards to any of our company formation services then please do not hesitate to contact our professional, friendly and helpful team on 0208 232 5479.

Forming Your Own Limited Company In Just 7 Steps

16 December 2013

eFormations Infographic