By using The Balance Small Business, you accept our. Startups.co.uk are trading styles of Marketing VF Ltd, an Appointed Representative of Resolution Compliance Limited which is authorised and regulated by the Financial Conduct Authority (FRN: 574048). There are different rules for business partnerships and limited companies - see naming your partnership and naming your limited company . Sole trader life insurance is extremely valuable and can protect the business, the owner’s family and potentially any employees that work for them. Why should you choose a memorable business name? For married individuals, it may be wise to consider changing the title of the house so that it includes you and your spouse as tenants by entirety. Protecting your business name. In a nutshell, this article should have armed you with the knowledge and a touch of inspiration for naming your sole trader business. The invoices that you send as a sole trader must include your business details such as your name or the name of your business, address, invoice number, contact information and payment details along with the details of the clients. If you operate a business as a sole trader, any risks (whether they are large or small) that arise out of the business and its activities equally apply to any personal assets and business assets owned by the business operator. Did you know that Nike was also the Greek goddess of victory, whilst Dove has connotations of peace, softness and purity – perfect imagery for a brand that specialises in moisturising soap. Like other structures, as a sole trader you can employ people to help you run your business. A guide on picking the right sole trader business name, from sole trader examples to avoiding trademark issues, here we talk about what really is in a name. Sole traders can’t advertise their services using their personal name if someone has already registered it as a trade mark in their industry. Another 25% of consumers agreed that they typically get better service from a shop with a great business name (although there’s more to great service than just an interesting name). Most sole traders are able to work without having to rent office space. When you protect IP you’re safeguarding the time, money and effort you put into a business. However, before you come up with what you think is the perfect sole trader company name, it’s important to know the following: Firstly, sole traders are not allowed to use the following terms (or their Welsh equivalents) in their name as this incorrectly describes the status of their business: Secondly, as with any company name, it can’t be offensive, nor can it contain prescribed “sensitive” words. Funding is one of the biggest obstacles to new business. While all the above ways can protect a sole proprietor and his/her business from liability, the most effective and inexpensive way of liability protection is to effectively change the business from a sole proprietorship to a Limited Liability Company (LLC). Unfortunately, it’s still the case that too few businesses cover the life of the owner. If you’re a sole trader, you run your own business as an individual and are self-employed. What Makes a Sole Proprietorship So Unique? Did you know that 70% of google searches have local intent? Choosing an appropriate structure for your business is an important decision. For example, sole proprietors in California can be responsible for a contractor's negligence if the job for which he/she hires the contractor is inherently dangerous.. If a sole proprietor conducts business under a fictitious business name, the owner must file a “doing business as" with the appropriate jurisdiction, typically the county or state in which the business operates. LLC Tax Advantages and Disadvantages Explained. Read all about how Aneisha overcame this challenge in Scrumbles’ Just Started feature, or, read our guide on how to check if your company name is original to avoid trademark infringement in the first place. The new owner must complete an RBN1 to register the business name in his/her own name. A business name is the name your business operates under. Sole trading is a way to run a business. With this in mind, protecting your home from liability that revolves around operating a sole proprietorship business would be the first priority. Ensure that you fully prepare with all the relevant documents. While it may be an expensive option, especially for small business owners, it can protect sole proprietors from many events that would be financially devastating to the business. It would then effectively hinder creditors from placing a lien on the property because the debts owed only relate to you individually as the sole proprietor of the business and not your spouse. Your business name identifies you to your customers and allows you to differentiate yourself from your competitors. If you want ownership or legal protection of your business name, you'll need to trademark it. A sole proprietorship provides owners no legal protection for liability from creditors. It gives you the chance of separating your business entity from personal activities, meaning that creditors cannot target your personal assets to satisfy liabilities of the business. Choosing the right sole trader business name is paramount. You don't need to register your name. For example, did you know that 60% of consumers find quirky business names more appealing because they make them smile? In many cases, a person's home is his/her most prized asset that would be targeted if a massive liability claim arises. According to the NBR, registration also prevents others from copying your name in the future and protects your business against “passing off” – that is, others using your name to piggyback on your success, potentially taking customers away from you in your market or trading area. To help get your creative juices flowing to name your sole trader business, here are some great examples of business names that are humorous, funny, and most definitely memorable: Planet of the Grapes – A wine bar in West London, Jason Donervan – A street food business in Bristol, Wright Hassall – A solicitor's firm in Leamington Spa. 2. 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