The company name is the biggest asset of any business. The name of the company gives the first impression to the world that is why it should be attractive and alluring. It helps to create the customer base and therefore one shouldn’t keep an unplanned name for its company.
Mentioned below are guidelines to select an appropriate company name.
Short and Simple
The Company name should not be too long, always try to keep it simple and small. So that, people are able to pronounce it easily and are able to remember when they come across it.
The company name must be meaningful and relatable to the nature of a company. It should fit the company’s brand portfolio. For example, “Google” the name of the most common search engine is derived from the name GOOGOL that means 1000000 (with a thousand zeros).
Name of the company should not be the same or identical to an existing company. Uniqueness does not mean:
- Plural version of the name of an existing company cannot. For example, one cannot name the company as “Flipkart’s”
- Changing, Letter Case, Spacing or Punctuation marks in an existing. For example, one cannot name the company as WI-PRO as a company called WIPRO already exist.
- Spelling Variations in an existing name. “Adidas” not be an authorized name as it is similar to “Adidas”.
- The addition of common names or titles. “New Tata Motors” cannot be the name of the company.
In the case of name infringement, one will be liable to pay high penalties and fines.
The name of the company should end with the suffix “Pvt. Ltd”. As it indicates that the company is a private limited company which will have a limited liability.
A company name should be chosen that is neither offensive or defamatory. It shouldn’t be against the customs or beliefs of any religion and not hurt the emotions of any individual.
Companies dealing in financial activities, must not have financial names like “loan” or “finance” etc.
One has to be cautious while deciding company name. Always try to select a suitable company name so that customers will connect to it.