The first thing you do when you have a basic idea of your venture is to name it! Names are an important key to what a society values. ‘Naming is one of the chief methods for imposing order on perception.’ This quote by David Slawson aptly states the basic principle of marketing.
The name of your venture is your brand. The name of your product or company is what the consumers or end users associate with. The concept of naming is important as it provides the vivid imagery needed to relate to your idea.
The naming of a venture is an important step in capturing the market and marketing the idea. Your name should encapsulate the essence of what you offer. Though it will take time building your name in the market and in the customers psyche, nonetheless it is important to start the correct way. Here are a few legal aspects you need to keep in mind.
Name for limited companies and LLPs
When deciding to name your company you have to make sure that your name is not the ‘same as’ or similar to the name of an existing company or consisting of any offensive, sensitive or prescribed words without permission.
When applying considers that the following points must be taken care of:
- The name is too similar to an existing company or LLP name
- Within five years of registration, it is found that misleading information was given at the time of registration
- Within five years of registration any conditions attached to the registration have not been fulfilled – example: the provision of support documentation for a sensitive name
- The name is misleading and as a result may cause harm to the public
The legal definition is “any word, name, symbol or device, or any combination of, used, or intended to be used in commerce to identify and distinguish the goods of one manufacturer or seller from goods manufactured or sold by others, and to indicate the source of the goods”.