A company’s name is an essential component of its identity and branding in the commercial sector. There can be circumstances, nevertheless, in which a business decides to change its name. A merger, purchase, rebranding, or just the desire for a new name could be the cause. Continue reading if you want to know how to rename a business.
Checking the company’s Articles of Association is the first step. The company’s policies are outlined in this document, along with the procedure for altering the name of the business. If there are no explicit rules, the corporation may authorize the name change by special resolution at a general meeting. A minimum of 75% of the shareholders present in person or by proxy must vote in favor of the motion.
Within 30 days of adopting the resolution, the business must submit Form INC-24 to the Registrar of Companies (RoC). This form contains information about the proposed name change, the justification for the change, and the shareholders’ approval. Following the form’s verification, the RoC will issue a new certificate of incorporation bearing the new name if satisfied.
The length of time required to alter a company’s name might vary depending on how complicated the procedure is and how busy the RoC is. The process typically takes 2-4 weeks to complete. The procedure could, however, take longer if the RoC discovers any inconsistencies or requests more paperwork.
The process could be different if the corporation must follow the registrar’s instructions for the name change. For instance, the RoC may order the company to alter its name if the current name is the same as or confusingly similar to that of an existing business or trademark. In these circumstances, the business must submit Form INC-1 to the RoC to request permission for the new name.
A registered business may change its name as long as the process is done appropriately. It’s crucial to remember that a name change has no bearing on the company’s legal standing, liabilities, or rights. To avoid any misunderstandings or legal concerns, the corporation must update its name on all contracts, legal documents, and other records.
Finally, there are a few measures to do if you want to clear a business name before altering it. First, check the RoC website to see if the suggested name is already taken. Second, look for any trademarks or domain names already in use that might compete with the proposed name. Last but not least, seek legal advice to make sure the new name doesn’t violate any trademarks or existing rights.
To sum up, changing a company name is a simple but significant operation that necessitates adhering to legal laws and protocols. A business can successfully change its name while maintaining its legal standing and brand identity by following the procedures indicated above.
No, a change in a company’s name is not an assignment. To ensure conformity with the rules and laws controlling business names, a procedure with some administrative and legal steps is followed. It may take some time and effort to complete effectively, but it is not an assignment in the way that the word is typically used.