When to form a LTD company?

[geek84]

Hi Folks

I am thinking of starting up a business in the next few months and hopefully forming it into a limited company and have thought of the 'perfect' name for my business.

Could you kindly advice if I should register my company name now (in case it gets taken by someone else) and start my business in the next few months, or shall I wait and register my company name when I have started the business?

Thanks in advance for your responses.

[Shnozz]

There isn't really a right or wrong time although if you know that is the path, why not do so now?

Company name is pretty unimportant on CH as you can trade with any name and simply be a "trading as" with the CH name.

[p1stonhead]

It only takes about a week max to register a company so no rush.

My accountant did everything for me. Appoint them first and get that underway but I wouldn’t bother more than a month before trading.

[Eric Mc]

If you really want to set up a limited company, I would not wait around. Even though a company can be set up at Companies House within 24 to 48 hours - you will need to set up a bank account in the limited company name. You also need to notify HMRC for Corporation Tax (and perhaps VAT and PAYE as well). These applications can take at least two weeks - sometimes longer.

[bigandclever]

Have you confirmed your perfect name isn’t already in use? Or is far enough away so you wouldn’t be ‘passing off’.

Companies House Limited Company name isn’t really that important. Personally, I’d probably start the ball rolling now, get all the other ducks (like bank account, VAT registration (if needed) etc) lined up so you’re good to go with no surprises.

[Mr Pointy]

Have you got the matching web domain name? If not, buy that asap.

[StevieBee]

Unless I've missed something, you can't register a company name unless there's a company registered to own that name. I'm not certain that you can even trade mark a name independently of a company.

I'm not 100% on either of these but in any case......

Mr Pointy said:

Have you got the matching web domain name? If not, buy that asap.

I would put this as your priority.

[akirk]

StevieBee said:

Unless I've missed something, you can't register a company name unless there's a company registered to own that name. I'm not certain that you can even trade mark a name independently of a company.

I'm not 100% on either of these but in any case......

you don't 'register a company name'
you set up and register a limited company - a part of that process is the name of the company - so by setting it up (takes 10 minutes on companies house website), you do what you need to do legally...

you can't trade mark anything unless it is, or is about to become a mark of trade - i.e. if I am an individual who likes the name Joe Brown's Sweets I can't register that as a trademark unless I am a) in trade and using that name or b) about to - it isn't like domain names where you can just randomly sit on them and own them - any trademark where there is no evidence of trade, or it is not sufficiently unique can be challenged... (Colin the Caterpillar in the news now is an interesting case as M&S haven't challenged all the ripoffs for years, so there is an argument that their cake is no longer unique...)

If the OP plans the business and has a set of steps to follow, get the Ltd. Company going sooner rather than later - date of registration can be a factor when setting up bank accounts / other accounts etc. so you might as well get it established and move on...

[hyphen]

Are you getting an accountant? Many will do the paperwork for the Ltd for free if just joining.

But until you are going to need it, not rush.

[MustangGT]

Are you really sure you need a limited company? The extra administration and expense now required to comply with legalities is quite significant. First step is to find a local accountant and have a chat about what you need to do and whether it is worth staying a sole trader.