Changing Business Name

[kathynewman]

further to some recent threads we have decided to set up a couple of new online stores. To this effect we want to change our business name from Puddle Pet Care to The Puddle Group (I know bit pretentious but couldn't think of anything else )

Puddle Pet Care and the new buisnesses would then be under the Puddle Group "umbrella" as it were.

Main concern was the VAT - but having spoken to VAT office they are fine as long as invoices/correspondance have the known buisness name and vat number you can call yourself whatever you want.

However having spoken to the bank they are insisting we open up a new bank account under the new name. Now to me this is silly! We are trading as a partnership not a ltd company and if as an individual I wanted to change the name on my bank account (married/divorced etc) all I would need to do is show them proof of change and wouldn't need to open a new account - so why not for a business.

Whilst in reality it wouldn't be too difficult to do - it would just be a big inconvenience - having to remember new account numbers, changing DD, changing online banking etc.

Has anyone else come across this? Am I alone in thinking it's madness?

[jont]

We have an umbrella company (limited) which trades as its own rights and a trading name company which does most of the sales. We have an agreement with our bank (CO-OP) that we can deposit cheques made payable to either, in-store credit card receipts show both names, credit card statements show both names and BACS payments show both names. Just the one account.

[george]

further to some recent threads we have decided to set up a couple of new online stores. To this effect we want to change our business name from Puddle Pet Care to The Puddle Group (I know bit pretentious but couldn't think of anything else )

Puddle Pet Care and the new buisnesses would then be under the Puddle Group "umbrella" as it were.

Main concern was the VAT - but having spoken to VAT office they are fine as long as invoices/correspondance have the known buisness name and vat number you can call yourself whatever you want.

However having spoken to the bank they are insisting we open up a new bank account under the new name. Now to me this is silly! We are trading as a partnership not a ltd company and if as an individual I wanted to change the name on my bank account (married/divorced etc) all I would need to do is show them proof of change and wouldn't need to open a new account - so why not for a business.

Whilst in reality it wouldn't be too difficult to do - it would just be a big inconvenience - having to remember new account numbers, changing DD, changing online banking etc.

Has anyone else come across this? Am I alone in thinking it's madness?

Change your bank.

End of thread.

[Mike Hughes]

Your bank should be willing to change the name on the account but it may take a bit of persistence on your behalf.

It was only on the third try that my bank agreed to let me pay in cheques that had been made out to one of the company trading names rather than the company name itself. Then they just added the name to the list of permitted names somewhere and there's no problem anymore.

Try talking to the business manager at your local branch. At least they should understand what you're trying to do and mgiht be able to help you.

Mike

[kathynewman]

Well after quite a battle with one person who sounded like they were in outer mongolia and another who was in the UK I actually got to talk to someone at my branch and they said fine no problem we'll send you the form out today - just return it with a covering letter and we'll do the rest!

Kathy

[Duncan Rounding]

Typical! - and how much profit did they make this last year?

[jont]

Kathy - you should be in the Dragons Den with negotiation skills like that

Amazing how it is literally luck of the draw with whom you speak to as to the outcome. Glad you got it sorted.

[Darren B]

Jont

is that an FSB co-op account, i have a couple of names and it would make things a bit easier to have both on the account.

Cheers
Darren

[jont]

Darren - not sure to be honest - just checked the paying in book and nowt on there - there is nobody in accounts today but will ask her tomorrow and let you know.

[george]

Kathy - you should be in the Dragons Den with negotiation skills like that

There some fruitcakes enter The Den, but I find that quite an enjoyable programme actually.

[jont]

One of the finest pieces of entertainment on the TV (since the Clangers I think) ... although why anyone would not invest £250,000 in self-draining wellies for goats is beyond me

[kathynewman]

{quote}One of the finest pieces of entertainment on the TV (since the Clangers I think) ... although why anyone would not invest £250,000 in self-draining wellies for goats is beyond me

I LOVED the clangers - just been and relieved a few classic moments at:
http://www.bbc.co.uk/cult/classic/clangers/

Do you want me to have a go at getting the money from the Dragons? Will allow them 25% for £250k investment and then me and you can split it 50/25 (in my favour of course for going into the Den) am sure we'd have a very successful business. It would go well under the Puddle Group Umbrella don't you think

www.goatwellies.com is available I believe!

Kathy

[jont]

It would go well under the Puddle Group Umbrella don't you think

Will the bank accept payments to Goat Wellies!

[kathynewman]

I'm sure with my powers of negotiation they will!

Kathy

[completerookie]

I think that tonights programme Grand Designs is going to be a corker

but I think it could be just as much fun if they made a film about upgrading to Actinicv8 and having watched many of the previous G-D Progs, I get a feeling that we (the upgraders) would fit the bill a treat - no idea what we are doing, scant instructions for such a large undertaking and an awful lot of sympathy from follow builders