Is it difficult to change the name of a company? Changing the name of a business may seem daunting, but the process has more similarities to the name of a small business than you might think. If you`re ready to change your small business name, focus on the following areas when you change your name. 7. Communicate with your customers. Sometimes a name change occurs because the company has been bought, a new management has taken control, or a negative turn of events has prompted a fresh start. Let your customers know as soon as possible that you are still open for business. Briefly explain (even celebrate!) why your business name has changed. This will help you maintain their trust and start building your new brand. Naming or renaming a small business is a thoughtful process that takes time and research to complete successfully. You want your business name to be unique and differentiate you from your competitors. Is it possible to change the name of your business after incorporation? For companies that have registered as a registered company or LLC, the short answer is yes. When you formed your LLC, you filed a settlement with the state. To change the name of an LLC, you must change these elements.
Each state has its own amendment form. You can contact your state`s corporate filing agency or search for “change LLC name” on their website to find out which form to use in your state. Before you begin the process, think about the cost and time required to change a company`s name. The legal change of the company name is only part of the process and costs. The other part is the change in all places where your company name is displayed to the public and internally and on legal documents. Check the availability of this name with your state and the Federal Trademark Office. You may not want to protect your new business name now, but you may want to do so in the future. 4. Notify the IRS.
The IRS has different requirements depending on the nature of your business. Visit the IRS website to learn more about your specific needs. In some cases, it`s as simple as noting the name change on your next tax return. You must also amend your LLC internal operating agreement to reflect the new name of your LLC. Commercial contracts and agreements may need to be amended, including employment contracts, sales and distribution agreements, and contracts with customers. If you require confirmation of the name change, please request that a name change be sent to you. Follow the table below to determine who is authorized to change the business name for your business type: Before you try to change the LLC name, make sure the name is available in your state. In most states, you can perform an LLC name search online on the Secretary of State`s website or other business filing agency. If your business is a sole proprietorship or partnership and you want to change your DBA, you can do so as follows: The hardest and most time-consuming part of an LLC name change is changing your LLC`s name on all your business accounts, contracts, and marketing materials.
Banks have their own rules for changing their name. You will definitely need to update the company name on the account after a change, but your bank should be able to guide you through the process if you contact them about it. A DBA doesn`t technically change your company name, but it can provide a layer of anonymity by identifying your company under a pseudonym. It can also add credibility to your business or help you market to a new audience. No. Many states allow you to update certain business information in an annual report — such as addresses or board members — but changing your company`s name is an action in itself and cannot be combined with your annual report filing. You must notify the IRS for federal tax purposes. How you do this depends on your type of legal business: changing your business name is relatively simple, but it can require additional steps that are easy to miss. Here are some common questions to ask when rebranding a business: Sometimes a business name just doesn`t work: You thought the smart nickname you chose would really represent your brand, but customers didn`t make the connection. Or maybe you used your own name in the company title and now want to change it to reflect a larger, more corporate brand. When you change the name of your business, you need to make sure that this change will benefit the business and its customers in the long run.
Here are some questions you can ask yourself before you start the name change process. This ensures that you and the company are ready for change. If you are forming a corporation or LLC, you will be asked to appoint a registered agent. But what is a registered agent and what do you need to know to choose one? The IRS assigns an Employer Identification Number (EIN) to registered businesses. This number is a federal tax identification number that tracks the payroll activities of a small business. Ready to change your business name? CT can help you do this correctly and in accordance with all state and local laws. We`ll find out if you can legally change your name in any applicable state, comb through the name change requirements, prepare your change elements, and ensure that the entire name change process goes smoothly and quickly. Learn more about the name change process. For example, partnerships and corporations can change their business name with the IRS on their respective tax forms, but sole proprietors must notify the IRS of the change with a signed letter to the address where their tax return was filed. Learn more about changing your business name with the IRS on the Business Name Change webpage.
You can get approval by a resolution to change the name of the company. Be sure to read the company`s or LLC`s operating agreement for details on approving name changes. You must also inform your state tax unit of your new business name for sales tax, income tax, and other tax purposes. Let`s explore these and other frequently asked questions about business name change. If you work as one of these entities, it means that you have not established a formal business structure with the state. A sole proprietorship or partnership is an entity within the same entity as its owners – the business name must include the owner`s first and last name. However, that doesn`t mean that sole proprietorships and partnerships can`t sell themselves under a more interesting and attractive name. You can submit a fictitious company name, also known as “Doing Business As” (DBA).
• Your local government departments (e.g., city or county government) to update business permits or licenses in your old business name The name you choose for your business is important. It defines your brand and differentiates your business from the competition. However, if that doesn`t help you achieve these goals, or if you`ve decided to chart a different course for your business, it may be time to come up with a new name for your business. The official name of your company is the official name of your company for tax and legal purposes. If you use a business name, a Doing Business As (DBA) name, or a “fictitious” name to do business, that name will be registered in your locality, not in a state or federal agency. To change this name, you must submit a DBA name change request to your county clerk`s office. 3. Amend licences and permits. Almost all businesses have licenses and permits at various levels of government.
Contact each of the offices associated with these permits to find out how to change the name on these forms. Fees may apply. Here are some things you need to change, all of which cost a lot of money: It may make more sense for a business to keep its official name intact (for example, maybe the company owns a brand for the name or has built a customer follow-up for the brand) and create a new name for marketing and branding purposes.