Overview of a Shareholders’ Resolution to Change Company Name

What is a Shareholders Resolution to Change Company Name?

A Shareholders’ Resolution to Change Company Name is a written record of the company’s decision to change its name.

A Shareholders’ Resolution to Change Company Name is a special resolution (i.e. requires the approval of more than 75% of shareholders attending and voting on the matter).

After using a Shareholders’ Resolution to Change Company Name, remember to file the relevant form to update the relevant government department or registry within the statutory time limit.

What is the process for this shareholders’ resolution?

There are two options when using a Shareholders’ Resolution to Change Company Name:

-if a general meeting (i.e. a meeting of shareholders) is convened to change company name, use a Minutes of a General Meeting to Change Company Name; or

-if the company has only one shareholder or the shareholders choose to pass the resolution by way of a written resolution, use a Written Resolution to Change Company Name.

Who can change a company name?

One can change a company name if it follows all the company rules and regulations. Basically, there are two ways in which a company name can be changed. Ie;

By special resolution of the members
To change a company name using a special resolution of the members requires the approval of more than 75% of shareholders attending and voting on the matter. To know whether there is a majority, all the individual votes should be counted rather than counting the members who favor the change of name.

By the board of directors resolution
Alternatively, the company name can also be changed by the board of directors by calling a board of meeting or providing the name change in writing.

What happens when you change a company name?

After approving a shareholder’s resolution to change company name, the company house will send a new certificate with all the details about the company including the date of registration, the new name of the company. Changing a company name will not change the operation of the company and its functions. All the staff and partners will remain the same; so it is very important to notify the customers and suppliers about the change in the company name and to update the bank account details.

Conclusion

Changing a company name should not be driven by personal interest; it should be more focused on achieving business goals. There are always good reasons to change a company name. For example, if a company enters into a new market or launches a new product then it might be necessary to change the company name to align with the new products. Changing a company name can help redefine company goals and accelerate its growth.

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