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Difference Between Vendor Name and Company Name

Vendor Name Vs. Company Name

Starting and successfully running a business is not a drive in the park. Various elements contribute to the efficiency and profitability including branding, company structure, sales, and marketing strategies as well as product suppliers. While many may not differentiate vendor name from the company name, the two have differences.

 

What is a Vendor Name?

This is a name used to describe a company or individual offering a product or service for reselling to the next link in the supply chain. A vendor name can be a registered business name or the vendor’s name. Vendors may supply goods and services to other businesses, consumers or the government. A vendor name can be easily changed with a simple procedure and does not require a special resolution.

 

What is a Company Name?

This is a title which incorporates and recognizes a business legally. The company name is evidenced on the certificate of registration, which displays the company’s full name, registered office, and date of registration. According to the law, a company name should be distinct from others, and should not contain any offensive or misleading phrases. It also carries legal liabilities such as the ability to sue, own property and be sued. Company names are however important when it comes to branding or registering a trademark.

 

Similarities between vendor name and company name

  • Both are identification measures for the parties involved

 

Differences between vendor name and company name

Definition

Vendor name refers to a name used to describe a company or individual offering a product or service for reselling to the next link in the supply chain. On the other hand, company name refers to a title which incorporates and recognizes a business legally.

Legal liabilities

While a vendor name carries less legal liabilities, a company name carries more legal liabilities such as the ability to sue, own property and be sued.

Brand/ Trademark

A vendor name is not recognized as a brand or trademark while a company name is recognized as a brand or trademark.

Resolution

A vendor name does not need a special resolution when need be. On the other hand, a company name needs special resolution with more than three-quarters of the votes.

Vendor name vs. Company name: Comparison Table

 

Summary of Vendor Name vs. Company name

Vendor name refers to a name used to describe a company or individual offering a product or service for reselling to the next link in the supply chain. On the other hand, company name refers to a title which incorporates and recognizes a business legally. While a vendor name carries less legal liabilities and is not recognized as a brand or trademark, a company name carries more legal liabilities such as the ability to sue and own property and is recognized as a brand or trademark.

 

Tabitha Njogu

Tabitha graduated from Jomo Kenyatta University of Agriculture and Technology with a Bachelor’s Degree in Commerce, whereby she specialized in Finance. She has had the pleasure of working with various organizations and garnered expertise in business management, business administration, accounting, finance operations, and digital marketing.

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[0]Image credit: http://res.publicdomainfiles.com/pdf_view/132/13970043616951.jpg

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[2]Bonnie Biafore. QuickBooks 2015: The Missing Manual: The Official Intuit Guide to QuickBooks 2015. "O'Reilly Media, Inc." Publishers, 2014. https://books.google.co.ke/books?id=tOniBAAAQBAJ&pg=PA71&dq=Difference+between+vendor+name+and+company+name&hl=en&sa=X&ved=0ahUKEwjpn-OF_M_kAhUDYsAKHVPmA_0Q6AEILjAB#v=onepage&q=Difference%20between%20vendor%20name%20and%20company%20name&f=false

[3]Arlow Arlene. Bookkeeping With QuickBooks In Canada. Adventive Academy, 2014. https://books.google.co.ke/books?id=niw0ANPnPSQC&pg=PT461&dq=Difference+between+vendor+name+and+company+name&hl=en&sa=X&ved=0ahUKEwjpn-OF_M_kAhUDYsAKHVPmA_0Q6AEIKDAA#v=onepage&q=Difference%20between%20vendor%20name%20and%20company%20name&f=false

[4]Kristin Mitchell. Real Estate Investor's Guide to QBO. Online Accounting Publishers. https://books.google.co.ke/books?id=omVjDwAAQBAJ&pg=PA33&dq=Difference+between+vendor+name+and+company+name&hl=en&sa=X&ved=0ahUKEwjpn-OF_M_kAhUDYsAKHVPmA_0Q6AEINTAC#v=onepage&q=Difference%20between%20vendor%20name%20and%20company%20name&f=false

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