Having more than one trading name?

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Having more than one trading name?

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sally_in_wales
Downsizer Moderator

Joined: 06 Mar 2005
Posts: 20809
Location: sunny wales

Posted: Mon Mar 12, 07 5:29 pm Post subject: Having more than one trading name?

How complicated/inadvisable is it to have more than one trading name? For most of my stuff trading as 'sallypointer' works fine, especially where its stuff that vaguely relates to my more academic studies and experiments, but I'm starting to think that one are that I could probably develop into a more widely marketable area would be some of my wool based products, the socks, hats, shawls etc. I've been toying with a name like WildWelshWoollies but I also want to keep trading as I currently do with the re-enactment, teaching and historic stuff which this name wouldnt work for.

Anyone ever traded as more than one thing at once? Do you have to run two totally seperate sets of books or is it more of a product name in which case it would be the WildWelshWoolies range within sallypointer.com if that makes any sense

Fee

Joined: 21 Mar 2005
Posts: 15922
Location: Earth

Posted: Mon Mar 12, 07 5:34 pm Post subject:
Good question, as my registered trading name is fee'sWorld, though I also trade as Sites by Fee, (any sales, etc. still go through fee'sWorld, and it's clear on sitesbyfee.co.uk that I am fee'sWorld)...something I'd like to know if I'm allowed to do or not, legally (and probably should have found out before I went for it, but that's me all over).

hedgewitch

Joined: 26 Nov 2005
Posts: 5834
Location: Daft wench GHQ

Posted: Mon Mar 12, 07 5:40 pm Post subject:
There is an option to "trade as" so you can brand as Wild Welsh Woollies but with a small note at the bottom of your letter/label whatever saying "Sally Pointer trading as Wild Welsh Woollies". Not sure if you have to be a limited company to do this or can do it as a sole trader. Not sure at all on the accounting side.

Penny Outskirts

Joined: 18 Sep 2005
Posts: 23385
Location: Planet, not on the....

Posted: Mon Mar 12, 07 5:41 pm Post subject:

It could be a very good idea to keep your brands separate, but as far as tax etc goes, if you are a sole trader, it just all gets lumped together. As a sole trader by law you have to put Your Name, trading as XYZ Company Name on anything offical (letterheads, invoices etc.), but you can have as many your name.... as you wish. I think you may need to chat with your tax office, as they do like to know what your main occupation is - mainly so if you don't fill in tax return, they can charge you an average amount for a person doing that trade.

Penny Outskirts

Joined: 18 Sep 2005
Posts: 23385
Location: Planet, not on the....

Posted: Mon Mar 12, 07 5:43 pm Post subject:

hedgewitch wrote:

There is an option to "trade as" so you can brand as Wild Welsh Woollies but with a small note at the bottom of your letter/label whatever saying "Sally Pointer trading as Wild Welsh Woollies". Not sure if you have to be a limited company to do this or can do it as a sole trader.

You have to do this - it's a legal requirement for a sole trader who trades under any name other than their own.

Limited Companies have to put their registered address on official do-dahs

jema
Downsizer Moderator

Joined: 28 Oct 2004
Posts: 28237
Location: escaped from Swindon

Posted: Mon Mar 12, 07 5:43 pm Post subject:
I have loads of different trading names, in effect one for each web domain, somewhere in the small print I mention the actual company. Not sure what real rules there are in this area at all.

hedgewitch

Joined: 26 Nov 2005
Posts: 5834
Location: Daft wench GHQ

Posted: Mon Mar 12, 07 5:45 pm Post subject:

Penny wrote:

hedgewitch wrote:

You have to do this - it's a legal requirement for a sole trader who trades under any name other than their own.

Limited Companies have to put their registered address on official do-dahs

Thanks Penny

We looked into this a while ago, but only for a limited company.

RichardW

Joined: 24 Aug 2006
Posts: 8443
Location: Llyn Peninsular North Wales

Posted: Mon Mar 12, 07 9:00 pm Post subject:
Most big companies that are well know are only "trading as" names. Most trade as more than one name in the same or different fields. It increases market share. Justme

dpack

Joined: 02 Jul 2005
Posts: 46233
Location: yes

Posted: Mon Mar 12, 07 9:45 pm Post subject:

so long as the money is accountable and your customers can find you , to vary what each product is called from moment to moment is fine
imho keep a single trusted id and have well named if diverse products and services

the building firm me and a very ex created had one id and one bank account but provided building /accountancy /management services and traded in antiques a bit .it makes the accounts easy and saves paperwork

Tradbritfowlco

Joined: 15 Feb 2007
Posts: 526

Posted: Wed Mar 14, 07 1:13 pm Post subject:
I am toying with setting up and 'umbrella' name for moi, the ;hub' of the business if you will, and then all the other different areas with their own name. Because some of my products just dont 'match' and it'd be silly to try to lump them all nder the one name.

Stacey

Joined: 18 Jul 2005
Posts: 8380
Location: Kernow

Posted: Wed Mar 14, 07 1:17 pm Post subject:
I'm considering having my own name for the felt and only using cledry yarner for the yarn and spinning stuff.

fairislefaerie

Joined: 11 Mar 2007
Posts: 6

Posted: Thu Mar 15, 07 6:32 am Post subject:

What we did was give the whole orange one name - Burklecrafts, which is then split into segments simply to make it easier for me to stay on top of everything - Burkle B&B draws my attention straight off to anything related to the house & the B&B side of things - Fair Isle Fibers - helps me keep a better check on our stock levels etc without all the receipts etc being lumped in with the B&B stuff.

One thing I would however heartily recommend. If you worked hard, spent a lot of time getting yourself a business name that you not only like yourself but it also has a customer base that link it to quality products & service, do yourself a favour & register your business name . Its all very well saying " its too individual it'll never happen" It happened right on our doorstep.

Angela

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