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All about Company Name Change
As per the provisions in Section 13 of the Companies Act of 2013, a company may change its name by simply passing a resolution in its general meeting. But, approval from the Central Government and updating with the Registrar of Companies (RoC) is necessary for the change to come into effect. Also, the Articles of Association and the Memorandum of Association of the company go through a significant alteration.
- The change of name, by no means, shall affect any rights/obligations of the company and any legal proceedings continued against/by the company in its former/new name.
- However, the commencing of any fresh legal proceedings against the company in the former name is not valid, after the new name has been registered by the Registrar of Companies (RoC). The company in its old name should be treated to be non-existent. However, the new name can be substituted by amending the plaint.
- 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 change in name
Effects of Changing a Company Name
When You Can’t Get A Copyright: If the company cannot get the copyright for its present name, it will affect the revenue streams and future earning potential of the company. Therefore, if the company is struggling to get a copyright for an existing name, it can very well consider changing the company name.
Memorable Business Name: The name of your business or company is the first thing people often mention while talking about it. So, if you think your company name is not causing people to take notice of it, you can change it to a different one, to strike the right chord with your potential customers. Choose a name that is easy to remember.
Repositioning: Changing the company name or a brand’s name, especially when your business is ready to move into a new market, helps in the repositioning of the brand/company. This is done to focus on one particular product or niche that is doing better than the others, or when entering a new market.
Specific product or service: Sometimes, a business gains popularity for one particular product or service. In such a situation, the business or the brand can be renamed to capitalize on its popularity and generate more demand or sales.
Location Friendly Name: If your business is moving to a new location then it would be prudent to rename your business to something more friendly and acceptable with the new locality.
Change Of Ownership: When a business passes on its ownership, it is only natural for the new owner to change the company name. The new owner may want to come out of the legacy of the previous owner. A new name would also help the new owner to ‘stamp his authority’ on the business and also to give a whole new direction to the business
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Documents Required for Changing a Company’s Name
- Certified copy of Board Resolution
- Current Certificate of Incorporation
- MOA and AOA in word format
- List of Directors and Shareholders
- Proposed Name(s) in order of preference.
- Digital Signature of the authorized director
- Letterheads (approx 10) and rubber stamp of director