How can I protect my company name as a sole trader?
You can protect your name in a variety of ways.
- Register as a limited company. Even if you are trading as a sole trader or partnership, the company name can remain dormant until you wish to change your trading status.
- Register your name as a trademark.
How do I legally protect my business name?
4 Steps for Protecting your New Business Name
- Is anyone already using the name? Conduct a search for your proposed business name and/or brand name. …
- Secure your Domains & Social Media handles. …
- File your Trademark Application. …
- Register your business name provincially and/or federally.
Can a sole trader trade under a business name?
You can trade under your own name, or you can choose another name for your business. You don’t need to register your name. There are different rules for business partnerships and limited companies – see naming your partnership and naming your limited company.
Can a sole trader have the same name as a Ltd company?
There are different rules for sole traders and business partnerships. Your name cannot be the same as another registered company’s name. If your name is too similar to another company’s name or trade mark you may have to change it if someone makes a complaint. Your name must usually end in either ‘Limited’ or ‘Ltd’.
Can a sole trader open a business bank account?
As a sole trader, you’re not legally required to have a business bank account. You can use your personal bank account for all business transactions. … However, many sole traders and small businesses that are not incorporated find it easier track their business finances by opening dedicated sole trader bank accounts.
Is it worth trademarking a business name?
The short answer is no. Brand protection, such as trademark, is a separate consideration which is not achieved by these measures and which often goes neglected. Here at LawBite we are frequently asked whether putting trademark protection in place is worth the cost and effort involved.
Do I need to copyright my business name?
Registering a business name is a legal obligation, if you choose to identify your business with a name that is different to the name of the legal entity that owns the business. Registering a trademark is a choice you make as part of a branding strategy for your products and services.
What happens if someone trademarks your business name?
If the other business has a trademark, the current owner can infringe upon this legal protection by using the same company name. … If there is a trademark in place for his or her company and someone else created a new entity with the same name, this owner can pursue a legal claim and contact a lawyer for a legal remedy.
Is sole trader the same as self employed?
The meaning of sole trader is somebody who is self-employed but is also the exclusive owner of their business. The term is used to describe the type of business structure you use. … Working as a sole trader is the most popular option for self-employed professionals in the UK, as it is the simplest business structure.
How much can a sole trader earn before paying tax?
How much can you earn before paying tax as a sole trader? The threshold for paying income tax is the same as for any employee – and relates to the current personal allowance. For the 2017/18 tax year, the personal allowance is set at £11,500.
How do I know if a sole trader is legit?
If They Are a Sole Trader
- Use a recommended supplier;
- Check their website;
- Look for reviews online;
- Ask to speak with a customer/client;
- Trust your gut!