Naming your business using double-e’s and double-o’s are perfectly acceptable in the middle or the end of a word, but to lead off with “Ee” or “Oo” makes it difficult for readers to pronounce and comprehend.
Quite often a business name will come to mind, and then adapted by the entrepreneur in charge even before the business plan has been written. Bad idea.
IBM, RCA, AIG and MSN are recognized corporate names, but I wouldn’t follow their lead when naming a company. That’s because initials have no actual meaning, just an identification – like a part number.