Well 2nd or 3rd. Need to open up the membership first. So folks can actually vote on it.
A membership portal and official founding of the party using YourParty will happen over the next 2 weeks. With draft founding docs.
Form there the foundation docs get discussed and voted on. Along with the name.
But all is only confirmed in November when the official membership vote happens.
Changing the party name is not that complex. process and documentation wise. It only becomes an issue once the party is well known by such.
But we have almost 4 years before any general election. So founding a real democratic party that dose not allow the leadership to override democratic rule is more important. Given the recent history of Labour.