While picking an alternative name might sound like an easy task, the legal process to change your company's name is tiresome. Sometimes, your company's name just doesn’t feel right or is not working well for your business; or maybe you need to change your company’s name to distance yourself from some negative association. In such a situation, you can change your company's name to something more suited to your future plans. 

Why Change Your Company’s Name?

People decide to change their company’s name for any of the following benefits:

Capitalizing on the Popularity of a Product/Service: If a business gains popularity for one particular product or service, it can rename its company around that product/service to capitalize on that popularity.

Memorable Business Name: If the existing name isn’t catchy enough, one can change its name to something more memorable that will strike the right chord with their potential customers.

Repositioning: A company’s name can also be changed when the business is ready to move into a new market. This helps in repositioning the brand/company.

Location-friendly Name: Sometimes, based on the new geography you are entering, it might prove necessary/useful to change to a name that is more friendly and acceptable there.

Avoiding Copyright Issues: If a company’s name is subjected to copyright issues, it can change its name to avoid problems.

Change of Ownership: A new name would help a new owner to ‘stamp their authority on the company and give it a whole new direction.

What Name Changing Doesn’t Affect

1. The change of name will not affect any rights/obligations of the company and any legal proceedings continued against/by the company in its old name.

1. However, the commencing of any fresh legal proceedings against the company in the former name is not valid after the RoC has registered the new name. The company in its old name should be treated as non-existent. However, the new name can be substituted by amending the plaint.

1. The legal proceedings commenced by the company in its old name can be continued under the new name. The entity of the company continues despite the name change.

Created & Posted by Pooja

Income Tax Expert at TAXAJ

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