If you are a lone proprietor, you are not required to register a trading name because you may do business under your given name. However, you can register a trading name with the relevant government agency if you want to conduct business under a different name. You can register a trading name, for instance, in the UK with Companies House or HM Revenue and Customs (HMRC).
It is crucial to remember that a sole proprietorship allows for the use of various trading names. Each trading name, however, needs to be registered separately. For instance, a sole proprietorship must register each trading name separately if the proprietor wishes to run two distinct firms under various identities.
To avoid confusion, some drug labels solely contain the generic name of a drug rather than also listing its trade name. Drugs are officially referred to by their generic names, which are typically less expensive than brand-name medications. Brand-name medications, on the other hand, are more expensive since the company that makes them spends a lot of time and resources creating and promoting the medication.
The medication’s generic name is acetaminophen, and the brand name is Tylenol. Thus, acetaminophen is marketed under the trade name Tylenol. The same holds true for other medications, where the brand name acts as the generic medication’s commercial name.
To sum up, while registering a trading name is not always required, it is advised to stop other businesses from using the same name as yours. If you are a lone proprietor, you may carry on business using your legal name or, if you want, establish a trading name. A solo trader is also allowed to use numerous trading names, but each one needs to be registered separately. To avoid misunderstanding, some medicine labels only mention the generic name; the brand name serves as the trade name for the generic drug.