unique creative designs

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I wish to open a graphics and ads based company, probably with the launch dates next ytear if everything goes fine. To have a better hand on to this new venture of life I have also joined a multimedia and designing institute. Right now we r trying to create logos. But didnt get the perfect help required. I have decided a name and have managed to convince my faculty too. But i am not too sure as what should be the logo design like. Could u give me some suggestions and also tell me colours to use and what would they represent.