Limited company questions!

[Shyam]

Hi,

My first post - so sorry if it is a stupid question!

I want to open up a new limited company, and rightnow am struggling to think of an actual name for the company (I have a trading name for my business, but want the company name to be something more general!) but I know I want "Media" in it...

My first question is, can anyone have "Media" in their company name, or is it limited to certain types of business?

Secondly, i was having a look around online for the cost of opening the limited company, and prices tend to range form £25 to £100+ - I'm not really sure what I should be looking for? Can someone please explain the differences?

Also, the paperwork invovled after opening a company - is it complicated, something anyone like me could do, or is it best to have an accountant to do it (I know one who will do it all for £100, but would take a few days, and I want to open the company up today...)

Thanks for your help!

[simonr]

AFAIK you can have the word "media" in your company name - given that lots of other companies do it! Or didn't you think they were all legal!

There are some words you can't use though, you're right to check. TBH that's the kind of thing your accountant will best advise you on, which is why you pay them!

My thoughts - for what they're worth - are that you should worry first and formost about getting a good name from the marketing point of view and worry about hitting legal brick walls when-and-if you do.

S

[rammellconsult]

I agree 100% with Simon. If you're unsure whether you can set up a ltd company yourself and aren't sure what's involved, i would suggest, with respect, it is better achieved through your accountant. I registered my own company and handle all the paperwork myself. It's not rocket science and its not expensive but it is true that you can go wrong in many, many ways. If you're in the slightest bit unsure, don't do it!

Re: company names, my recommendation would be to think long term as well as the immediate needs that you have. Your company name usually describes the type of business but you also need to make sure it doesn't restrict you. For example, "Rochdale Cakes and Buns" pretty much limits the business to selling only 2 types of goods and within a tight geographic area. Whereas "Lancashire Pastries" gives the business more flexibility for future growth without needing to change the name at a future date.

In terms of your urgency, there are hundreds of providers that can provide you with a ready-made company off-the-shelf within 24 hours, though you'll be limited to what name you can have. Don't forget that even with a limited company, there is no obligation to use that name as your trading name. You'll need to use the name of your limited company on your official company records, emails etc (but in small print in the footer). Your trading name can be completely different. For example, when did you last go into a shop called "DSG Digital Limited"..... yes, Currys.

Good luck.

Eldin.

[reb]

Hello hope you can help me- my partner and I set up a limited company 18 months ago with a 60K overdraft which is through our home we are both directors he has 70% and I 30% although the business is not doing too bad our personal relationship is breaking up and I want out of the business as a director and also off the overdraft which we both signed up for. I do not want to go to the bank as yet for advice as manager is a personal friend please help can I get out of this many thanks