Can Two Firms Have Same Name?

Can two partnership firms have same name?

Name for a Proprietorship or Partnership company is decided by the promoter themselves and there are no restrictions for the same.

There cannot be two companies on the same name until and unless it is a sister concern company.

Each company should have unique name to get registered as PVT LTD firm in Companies Act..

Is notary compulsory for partnership deed?

Yes, it’s necessary to notarise a partnership deed but it’s best if it’s registered before the magistrate. Notarization and registration lends a legality to the deed without which the partnership will just be an agreement without enforceability.

If you are using your business name as your trademark, you can also register your business name as a trademark. Registering your trademark will give you exclusive rights to it in Canada for at least 15 years (you can renew it indefinitely as long as it is still being used).

What is the best type of partnership?

Be sure to weigh the advantages and disadvantages before you decide which type of partnership is the best route for your business.General partnership. … Limited partnership. … Limited liability partnership. … LLC partnership.

Is there a CEO in a partnership?

In the case of a partnership, an executive officer is a managing partner, senior partner, or administrative partner. In the case of a limited liability company, executive officer is any member, manager, or officer.

Can another business use the same name?

Generally, as long as no one else in your state is using that business name, you can call your company whatever you like. Names are doled out on a first-come, first-served basis. … That said, you can run into trademark issues if your business and another’s fall within the same category or are substantially similar.

Can 2 LLC have the same name?

Can Two LLCs or Companies Have the Same Name? Yes, with some exceptions. When you’re forming a corporation or an LLC in a state, the name must be unique to your business within that state. Others can form LLCs and businesses in other states that have the same name as yours.

What if someone uses my business name?

If someone uses your name, simply showing proof that you’ve trademarked the name could be enough to convince a business to choose something else. Most importantly, if you must go to court, you’ll have legal proof that you registered the name. However, you don’t have to trademark your business name to protect it.

Who can attest partnership deed?

Yes copies of the said partnership deed when submitted for any purpose should be attested as certified copy of the original document preferably by a notary or a gazetted Officer. Chartered accountants are not competent authorised personnel to attest as true copies documents of the original.

What is the value of stamp paper for partnership deed?

For manual applications, the process time can get extended up to 1 month. An important document in the above mentioned documents is a Partnership Deed. This deed, notarized on a Non-Judicial Stamp paper with minimum value of Rs. 200 or more and signed by all partners, is ‘THE’ charter or blueprint of the firm.

What is the partnership deed?

Partnership deed is an agreement between the partners of a firm that outlines the terms and conditions of partnership among the partners. … The partnership deed serves this purpose. It specifies the various terms such as profit/loss sharing, salary, interest on capital, drawings, admission of a new partner, etc.

What is the difference between trading name and business name?

If a business owner wants to operate under a different name other than the company’s legal name, they can use a trade name instead. … A business can opt to have their business name and trade name be the same. A trade name may also be called a doing business as (DBA) name. It’s the name the public sees.

Can I trademark a name already in use but not trademarked?

If you are using a business name that is the same as another company in your industry, caution is warranted. If you are instead using a name that is the same as another company’s name that offers completely different services or products, there is probably not a trademark issue.

How do partners get paid?

The Balance Sheet: Partnership In a partnership, two or more individuals will share the profits and pay income taxes on those profits. … A partnership agreement is used to specify each partner’s share of the profits or losses of the business. Taxes are paid on the partner’s share of the profits.

What are the 4 types of partnership?

Types of Partnership – General Partnership, Limited Partnership, Limited Liability Partnership and Public Private Partnership. There are three relatively common partnership types: general partnership, limited partnership (LP) and limited liability partnership.

Can I use this name for my business?

How to Check if a Business Name is Taken. … In most states, the website of the state business filing agency includes an online entity name check tool. You can use the online tool to search business names and find out whether another business is already using the name you have chosen.

Which One Should I Trademark? It depends. Higher value tends to lie in name recognition rather than familiarity of a logo. Since logos change more often than names, it usually makes more sense to register a standard character mark to protect the business moniker itself.