How to Find the Right Company Name

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How to Find the Right Company Name - One of the most important decisions when starting on your own is choosing the right company name.

This sentence is not true at all, because as a self-employed person you don't have a company in the classic sense, i.e. also no company name, but a company name.

Nevertheless, depending on the legal form, you have different options for naming. I will go into this and tips for the optimal company name in this article.

[Reading tip: Part 6 of my article series on self-employment: " The company name "]

The following statements are my personal opinion and not individual legal advice. If you have specific questions or problems, you should contact a lawyer *.

How to Find the Right Company Name

Searching for the Company Name

Choosing your company name is a very important decision.

You have to live with this name and therefore you should not rush this choice.

This company name will make you known in the market and that is usually the first impression you make on potential customers.

In addition, your company name is on all business documents.

Great care is required here.

What Are the Legal Restrictions?

Before I get to the creative part, here are a few legal frameworks regarding naming. The options for naming your own company depend primarily on the legal form. In the case of sole proprietorships and GbRs, there is no real company name, but a company name.

Sole Proprietorship

This also includes the self-employed, freelancers, and small businesses who are not entered in the commercial register.

You have to give your proper name, i.e. first and last name. You can then add a name, industry name, or a fantasy name to this.

While the surname is sufficient for freelancers, the first and last name must also be given to small businesses.

Examples:

“Feinkost Beate Müller” (small business)
"Graphic Design Schmidt" (freelancer)
“Kladaradatsch Markus Schmidt” (with imaginary names)

Partnerships

In the case of partnerships, such as GbR or OHG, the same rules apply to naming, imaginary names, etc.

In the GbR, at least the names of 2 shareholders must be listed (if there are more, then “and Co.”).

In the case of a general partnership, the surname of a partner is sufficient or a fantasy name is used entirely.

Examples:

"Sanitary service Markus Schmidt, Ulf Umhold and Co." (GbR)
"Umhold OHG"

Registered Companies

Registered companies are, for example, AG and GmbH. In these companies, the legal form must always come after the proper name or imaginary name.

These companies are relatively free in the actual choice of name.

If a merchant is registered in the commercial register, his company name must be “eK” or “e.Kfr.” contain.

At Mini GmbH there must always be “Unternehmergesellschaft (limited liability)” or “UG (limited liability)”.

Examples:

"Maintenance Berlin GmbH"
"EDV Service Müller eK"

Caution Trap!

The naming is not without its pitfalls. A few of the issues to watch out for are:

The company name does not have to convey the company content (this is most evident with fantasy names), but it must not be misleading either. For example, your company name must not pretend that you are internationally active if you are only active regionally (“International Design Peter Müller”). The company name must also not misrepresent the size of the company.

Likewise, one should not come into conflict with trademark law. Although you can choose any imaginary name, you should not conflict with existing brands.

Internet research can help. Otherwise, you should consult a specialized lawyer.

Caution is also advised with the company additions. General terms such as service, technology, advice are generally harmless. Other terms, such as institute, however, are critical. Here, too, it is important not to cause misleading.

In individual cases, you should ask a lawyer. With such a long-term decision, you shouldn't risk having to change your company name after a few years.

Tips for the Optimal Company Name

Now I would like to give you a few tips for choosing a company name.

Recognizability
The first goal of the company name is that existing customers and potential customers recognize their own company. You want to be known under this name and therefore you should make sure that your company name has a recognition effect.
Clarity
A company name should have a certain clarity. Potential customers shouldn't have to wonder what exactly the company is doing. So be careful with fantasy names.
Distinction
You should distinguish yourself from the rest of the companies in your branch. Just because all other companies in your branch start with “bathroom and plumbing” shouldn't be the same. It is important to stand out here.
Simple and Short
It is worst when potential customers cannot remember the company name because it is too long or complicated. It should be easy to spell.
Domain
Is a suitable de-domain available? This is very important in this day and age.
Not Too Restrictive
When in doubt, you should not choose your company name too specifically. Anyone who calls themselves “Bad service Müller” will have difficulties explaining to potential customers why they are now also installing heaters.
Outsource Specific Terms in Slogans
That is why it makes sense to display specific service descriptions in a slogan. You can then change this later without having to change the company name.

Conclusion

Choosing your company name is not easy. The above tips work mutually and it is usually a weighing of advantages and disadvantages.

However, you should also have a little courage, because if you try to avoid all problems, the company name usually becomes boring.

You should put yourself in the shoes of potential customers and think about how certain company names will be received.

Have fun choosing your company name.

In another article, I dedicated myself to the question of whether or not you should use your company name as a domain. Also a very important decision.

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