Change in Name Clause
Name of the Company is its identity throughout its span of life should be thought well before and shall be constructed in such a manner that can stay sustainable with the future growth in Company. Companies Act regulates the naming process for the Company right from selecting it to any changes made thereafter.
Certain do's and don'ts while selecting the along with the procedure to change the name is briefly elaborated in this article.
Companies Act 2013 prescribes the conditions related to naming the Company whether it is Private Limited, OPC or Public Limited. Following are the conditions which have to be kept in mind while selecting the name for the Company:
The name selected for the Company shall align with the objects of the Company.
If the Company is incorporated to engage in the business of providing financial services such as chit fund, financing, leasing, etc. shall indicate such activities in its name.
The name shall not include the words that indicate any constitution or any legal person such as, LLP, Trust, HUF, etc.
The last words of a Private Company shall end with Private Limited, One Person Company with OPC Private Limited, and the Public Company shall end with the word Limited.
Following is the step by step procedure to be followed by the Company willing to change its name:
Rule 29 of Companies Rules 2014 specifically prohibits the following companies from changing the name:
Conclusion
Name of the Company is its identity throughout its span of life should be thought well before and shall be constructed in such a manner that can stay sustainable with the future growth in Company. Companies Act regulates the naming process for the Company right from selecting it to any changes made thereafter.
Companies Act 2013 prescribes the conditions related to naming the Company whether it is Private Limited, OPC or Public Limited. Following are the conditions which have to be kept in mind while selecting the name for the Company:
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Changing of existing name doesn't have any impact on the legal identity of the Company. Changing the name is not creating a new entity. The changed name doesn't:
Name approved by ROC remain valid for 20 days within which the special resolution shall be passed, and filed else approval letter becomes void.
The Company usually undergoes changing its name for following general reasons:
A name change can take 15 to 20 days to be completed as approval by ROC varies depending upon the state to state.
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