New Ltd Name - Should it be similar to the old name...

[ChrisPackit]

Guys

It's been a while since I last posted, but over the last year or so, I went through a divorce etc etc. I am closing my current Ltd down as my ex is still on the books, and it's easier to close than it is to sign the forms! I only tend to run 1 main contract at a time (in reality) so there is no value as such to the company, so I was wondering whether there would be an issue in naming the new Ltd company similar to the old one, so for example Alpha Bravo Charlie Ltd may become Alpha Bravo Cheeseboard etc. I'm wondering whether, should the worst happen, in my ex getting clever ideas or the Revenue chasing me for anything, whether I should disassociated from the name completely or not.

Your thoughts appreciated.

Chris

[northernladuk]

To be very pedantic those two companies are completely different and not remotely related for any purpose. No association whatsoever. Just because it sounds similar it is a completely different legal entity has absolutely no bearing on anything unless you are trying to name camp a major name. I would guess the slight difference will make no different to marketing or brand.

If you even slightly worried about it why are you considering doing this? Our company names tend to be pretty meaningless anyway so why not play safe and go for something else? But back to your question I can't see why you would have a problem with your proposal.

[ChrisPackit]

Its things like I could keep the web address as its an acronym i.e. ABCLtd.com and just would be less obvious to anyone if I could refer to working for ABC Ltd, even though legally its not the same company.

I am trying to cover any future issues that may bite me in the ass, so from the Revenues point of view, if they decide to chase me for anything regardless of what it is, do you think they would see ABC Ltd #1 and ABC Ltd #2 (similarly named) and connect the dots ? Just don't want to leave myself exposed should the taxman decide I didn't pay him something that I should have !

[northernladuk]

Its things like I could keep the web address as its an acronym i.e. ABCLtd.com and just would be less obvious to anyone if I could refer to working for ABC Ltd, even though legally its not the same company.

I am trying to cover any future issues that may bite me in the ass, so from the Revenues point of view, if they decide to chase me for anything regardless of what it is, do you think they would see ABC Ltd #1 and ABC Ltd #2 (similarly named) and connect the dots ? Just don't want to leave myself exposed should the taxman decide I didn't pay him something that I should have !

You can have any URL you want. It's not about the name of the company. The two companies are completely legally different. I think HMRC have much better ways of connecting the dots than similar company names. Your directorships are available on the internet for free so piece of piss to find out what you are related to.

The only thing I can possibly think is it makes it look like you are phoenixing the company.. But you are not, you have a change to the business structure so not an unreasonable reason for change. You are not doing it purely to gain a tax advantage.

Again if you are that worried then maybe better to make a clean break, start over.

[Jessica@WhiteFieldTax]

Unless there is an element of fraudulent intent, eg defrauding creditors, phoenixing, IP impersonation, etc, then you don't have a lot to worry about on reusing the same / similar name.

[Maslins]

As others have suggested, doesn't really matter. I'm assuming you're not really doing this for any possible tax benefits (ie taking cash out as CGT)?

You'll presumably be director of both Oldco and Newco, so anyone doing a bit of research should easily be able to link the two together regardless of company name.