Question: Can A Sole Trader Use The Same Name As A Limited Company?

How do I protect my business name as a sole trader?

If you want exclusive rights to use your business name – so you “own the name” – it needs to be registered as a trademark which is a completely separate process.

Merely registering a business name will not prevent others from registering a similar name..

Is it better to be a sole trader or a limited company?

Broadly speaking, limited companies stand to be more tax efficient than sole traders, as rather than paying Income Tax they pay Corporation Tax on their profits. … Once you’ve registered a company name nobody else can use it, in contrast to sole traders who aren’t offered the same protection.

Can I change from a sole trader to a limited company?

If you bought any business assets when you were working as a sole trader, you’ll be able to transfer them to your limited company when you incorporate. However, there might be tax implications of doing this, therefore it is vital you speak with an accountant for bespoke advice.

How much does it cost to register as a sole trader?

Registering as a sole trader involves virtually no cost, unless you want to register a business name.

Can a sole trader have multiple business names?

Can I run multiple businesses as a sole trader by registering two different business names under the same ABN? … Yes you can run several businesses under the one ABN as a sole trader. It’s really up to you to determine which entity structure is best for you.

What are the disadvantages of a limited company?

Disadvantages of a limited companylimited companies must be incorporated at Companies House.you will be required to pay an incorporation fee to Companies House.company names are subject to certain restrictions.you cannot set up a limited company if you are an undischarged bankrupt or a disqualified director.More items…•

What is the difference between a business name and a trading name?

A ‘trading name’ refers to an unregistered name that businesses could use before the introduction of the National Business Names Register on 28 May 2012. A trading name is not a registered business name. If you wish to continue using a trading name, you need to register it as a business name.

Can you change your business name and keep the same ABN?

When your business name’s ABN changes you will need to complete a business name transfer. This is a two-step process that involves: transferring the business name, and. registering it using the new ABN.

What is the difference between sole trader and self employed?

To summarise, the main difference between sole trader and self employed is that ‘sole trader’ describes your business structure; ‘self-employed’ means that you are not employed by somebody else or that you pay tax through PAYE.

Can you have the same business name as someone else UK sole trader?

You can trade under your own name, or you can choose another name for your business. You do not need to register your name. You must include your name and business name (if you have one) on official paperwork, for example invoices and letters.

Is it worth being a Ltd company?

One of the biggest advantages for many is that running your business as a limited company can enable you to legitimately pay less personal tax than a sole trader. Limited company profits are subject to UK Corporation Tax, which is currently set at 19%. … As a sole trader, your entire income is subject to NIC rules.

Can I run multiple businesses under one company?

Similar to a sole trader, a company can operate multiple businesses with different business names. … If you own and run multiple separate businesses, you should consider setting up a holding company. Here, the holding company would own all the businesses’ assets and intellectual property.

What are the disadvantages of being a sole trader?

Disadvantages of sole trading include that:you have unlimited liability for debts as there’s no legal distinction between private and business assets.your capacity to raise capital is limited.all the responsibility for making day-to-day business decisions is yours.retaining high-calibre employees can be difficult.More items…

Can I have a company name as a sole trader?

By having a sole-trader or partnership ABN operation you are permitted to trade under your personal legal name/s. If you would like the ability to conduct your business under an unrelated name, such as ‘ABC Plumbing’ or ‘Joe’s Cafe’, then this is required to be registered as a business name.

Can someone have the same business name as me?

Under the rules, the phrase ‘identical or nearly identical’ has a specific meaning. If a name is identical or nearly identical to another name, we must not register it. However, the law does not prevent the registration of business names that are similar.

Can a sole trader hire staff?

Although sole traders ‘trade’ or operate the business on their own, this doesn’t mean they have to work on their own – sole traders can employ staff to work for them. However, like any business owner, you have to ensure you meet all your legal obligations when employing people.

Do I have to have a business account as a sole trader?

When you need a business bank account If you’re operating as a: sole trader – you don’t have to have a business bank account, but it’s a good idea to. partnership, company or a trust – you must have a separate bank account for tax purposes.

How to Register a Trademark for a Company NameTo register a trademark, go to the U.S. Patent and Trademark Office’s Web site, www.uspto.gov.Don’t add a domain extension to your trademark to prevent others from registering the same name by adding another extension.