How easy it is to rename a business bank account?

[Amenity]

I plan on "testing the waters" first with a new business model, so I will be using a business bank account but not going Ltd. I plan on naming the business after myself, for e.g. "Smith Consulting".

But if my "trial" was successful, I would prefer not to use my real name.

How easy is it to simply rename the business bank account i.e. have it assigned to a different business name? Is it much of a hassle? Would the bank be a bit irritated if I phoned up 1-4 weeks later asking if they could change it?

Thanks.

 

[OldWelshGuy]

Changing the business name isn't an issue, but going from you trading as, to a Ltd account is another matter.

In law you t/a is you, as in there is no legal distinction between you and your business. Once you go Ltd, you have created a seperate legal entity, so you can't 'switch' the account, you would need to open a new one.

Why not set the business name from the start?

 

[Ashley_Price]

As a sole trader you have no problems, and you can do practically what you want with your business name, and bank account name (within reason of course).

However, I would ask how long you plan to have your "trial"? Once you start your business you are building your firm's reputation. It will get linked to the name you give it now, e.g. "Smith Consulting".

If you give it say 6 to 8 months and then decide to change the business name then you have to rebuild all that reputation again because people won't know the name and think it's a completely different company.

So, think very carefully and try and decide on the name now. If you're a sole trader you can still call yourself something else, (I'm a sole trader, but I use "BananaOffice Networking") as long as your stationery, etc., clearly shows (even in small print) "[Your Name] trading as..."

 

[Deleted member 27080]

unless you are with Santander where it has taken them 3 months, numerous calls and promises to call us back (which they did not do), 4 letters. For two months they addressed letters headed with both name of our old and new business! They wanted it in writing on headed paper - we are a v small business and do not have printed headed paper. So I wrote putting the name of the business in a larger font, but they never replied. Eventually I spoke to someone who sorted it out. Hopeless bank ...