Starting Again

[DSLiverpool]

Ok so I have three projects I want to start from January, I like to be prepared and I am going to register with companies house and get the ball rolling with a name and while I am at it I will get a matching URL (always thinking ;o)

So should I register three names eg

Bagels LTD
Hollow Bricks LTD
Consulting LTD

or something like

Solenterprises LTD and do anything else under this ?

I am clueless as to the benefits and if you ask an accountant it will of course be the three LTD companies (three sets of accounts) but if I go SOLENTERPRISES LTD any disadvantages ?

Cheers
(names are just generic I mean who would sell hollow bricks ;o)

[LordHaveMurci]

Could you have an umbrella company then different trading names beneath that?

[DSLiverpool]

LordHaveMurci said:

Could you have an umbrella company then different trading names beneath that?

Yes thats the Solenterprises option but I want to know if any disadvantages to this method.
Quite exciting starting again ....

[LordHaveMurci]

Well I guess if one business gets into bother they are all at risk.

[DSLiverpool]

I don't think so, plus if they got substantial I can make them independent

[NorthDave]

LordHaveMurci said:

Well I guess if one business gets into bother they are all at risk.

I think this is the main issue - a problem with one company would affect them all. The overhead of running three should be minimal anyway I would have thought?

[MrSparks]

If they are completely separate businesses doing completely different things then I would register separate businesses.

If there is some cross over between them all then I would keep to one business and use trading names.

If anyone else is involved in one of the individual businesses then it's best to keep that separate again too.

I was going to register another business earlier this year for my trade side, but it's too similar and the costs involved just made it a bit pointless. However a friend and I are launching a completely different business so because it's 1) nothing to do with my main company and 2) someone else is involved, it's a new Ltd company.

Just my thoughts anyway.

[Storer]

Things to consider.

What will your bank think? It may be easier to borrow money as a group rather than individual companies.

If there will be some commonality of suppliers, could you get better terms as a group due to increased turnover.

[DSLiverpool]

It's 3 very diverse things to start with, the food project is my wife's but I will head it, I've been asked to do some "help" with local online companies (I wouldn't call it consulting as I'm not a consultant) but I have to call it something, and I have my main new project In security. Three very diverse things.

I'll speak to my accountant but at this stage I just want to get official, I can separate them at any time I guess.

[Thurbs]

You say "starting again" so I assume you have done this before? My experience in going from 0 to £5m taught me that is hard enough on its own in a very niche market. How does one do it with 3 businesses simultaneously as an executive?

[Digga]

You can register the limited company names and the domains for each company, which prevents anyone else getting them, but you can leave any or all of them dormant.

[DSLiverpool]

Thurbs said:

You say "starting again" so I assume you have done this before? My experience in going from 0 to £5m taught me that is hard enough on its own in a very niche market. How does one do it with 3 businesses simultaneously as an executive?

Food - wife after I set it up, I just need to buy the property and shop fit it.
Ecommerce Advising - Me part time I guess, I am not expecting much after the three projects lined up but I live in hope.
Bricks - Main project, will get all my time after launch - this is my eureka idea.

[MrSparks]

DSLiverpool said:

Ecommerce Advising - Me part time I guess, I am not expecting much after the three projects lined up but I live in hope.

Can you send me some info on your plans for this please? I've been flying solo for ages but struggling to grow. I've made some steps recently out of my comfort zone (mostly offline based) and things are going in the right direction, but I'm really struggling to get the website itself flying.

[Hellers]

Hi there.

My understanding from my accountant, based on contemplating recent similar options for stratifying my current and future potential businesses, is that if i wish to sell individual business 'units' in the future, that Entrepreneur's relief (for CGT) may be available on each individual business sale if they are completely separate businesses, and relief can be taken at that time. However, if they are structured as sub-units of one company, then this relief cannot be taken unless the whole 'master' business is sold.

Obviously I am just a businessman and know nothing, which I why I have an accountant.

Sounds like it's worth asking the question? Good luck with any new venture.

[E36GUY]

One thing to check before deciding which name to register - just because the company name is available at companies house does not mean you will have the right to use it for trading in your chosen field. Companies house is not connected to the Intellectual Property Office.

I do much of the trademark work for the company that I work for. I don't want to get told off for promoting so call it "ABCDEF Ltd." We're an LED lighting manufacturer and have a stack of registered trademarks to our name both in the UK and internationally. Given the nature of the business it's in important name and others have started lighting businesses with variations of it. I have had to contact many different lighting companies in the past that have tried using examples such as "ABC DEF Lighting Ltd," "ABCDEF (UK) Ltd" or "ABCDEF Services Ltd" amongst others.

Most I have spoken with and issued warning to are simply not aware of trademark law whereby you cannot use a name that is confusingly similar to a registered mark. Just because the Ltd Company Name "BMW Automobiles UK Ltd" is available to register at Co House doesn't mean you can use it as a car or part manufacturer.

Worth checking if anyone holds trademarks in your field similar to the names you are considering using. www.ipo.gov.uk