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Difference between Vendor Name and Company Name
Establishing a new business and overseeing an existing one are not easy responsibilities. The success and profitability of a business can be affected by a wide variety of internal and external variables, such as its branding, corporate structure, sales and marketing strategies, and product suppliers. Although many may not know, the vendor name and the company name are not the same things.
What is Vendor Name?
This is a phrase used to describe a company or person whose services or goods are sold to the next participant in the distribution chain. The term "vendor name" can refer to either the name of a legally recognized business or the individual. Providers can market and sell their wares to individuals, other companies, and even the government.
Changing a supplier's name doesn't require any novel approaches since this may be done by following a simple procedure.
What is Company Name?
A "company name" refers to the legal name under which a firm operates once it has been properly established and incorporated. The complete name of the company, the registration date, and the address of the registered office are all included on the certificate of registration.
A company's name must be unique within its sector and free of disparaging or deceptive phrases in order to comply with the law. The privilege to sue, possess property, and be sued, among other rights and duties, comes with this status. The process of trademarking a product or building a brand, however, relies heavily on the use of a company name.
Differences − Vendor Name and Company Name
Both can be used to verify the identity of the numerous individuals involved. The following table highlights how a Vendor Name is different from a Company Name −
| Characteristics | Vendor Name | Company Name |
|---|---|---|
Definition |
The term "vendor name" is used to describe any business or individual that provides goods or services for resale to the next entity in the supply chain. |
A "company name" is a name given to a business for official purposes, such as when it registers with the government. |
Legal liabilities |
There is less potential legal trouble when using a vendor's name. |
The use of a company name exposes you to additional legal liabilities, including the possibility of acquiring property, suing others, and being sued. |
Brand/ Trademark |
An vendor’s name is not a trademark or brand. |
When a company's name is used, it becomes a trademark. |
Resolution |
No special resolution is necessary when resolving a vendor name. |
The majority of shareholders must approve a special resolution to alter the company's name. |
Conclusion
The term "vendor name" is used to describe any business or individual that provides goods or services for resale to the next entity in the supply chain. Conversely, a company name is a label that legally recognizes and incorporates a corporation.
A vendor name is less risky than a corporate name because it is not a trademark or brand. On the other side, a business name might open its owners up to lawsuits and property ownership, in addition to carrying trademark and brand recognition.
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