The owners or members of your LLC must formally approve the name change. Review your LLC operating agreement to see how your LLC handles important issues. You may need to have a formal meeting of members or you may be able to reach a more informal agreement. Write a resolution approving the name change and keep it in the official records of your LLC. It`s also a good idea to do a domain name search. Make sure that the domain name and preferred social media handles are available for your new business name. Jane Haskins is a freelance writer who worked as a lawyer for 20 years. Jane has led a variety of commercial litigation. And there`s no surprise: your business could lose money if someone else works under the same name as you. Update all brand elements. Sharing your brand story is an important part of the renaming/rebranding process.
For it to crash, you need to update all your visual branding elements. This includes updating your company logo, business cards and stationery, website and other visual materials such as data sheets or marketing materials. Every company should have a registered agent and in many cases this is required by law. The process is simple as long as you understand the consequences of adding an owner to your business. Sometimes more than one company has the same name. Or the names are so similar that they might as well be the same. If this happens, there is a good chance that one company will receive a cease and desist letter asking the other company to stop using that name. The IRS says you don`t need a new Employer Identification Number (EIN) if you change your business name. Is it possible to change the name of your business after incorporation? For businesses that have incorporated as a registered company or LLC, the short answer is yes. Margaret Wolfson, founder and creative director of branding agency River + Wolf, emphasized that « a visible digital presence is absolutely essential to the success of any business. You want people to be able to look for you and find you with little effort. Depending on the type of entity, the process for changing a company`s name varies.
This can be confusing, so let`s take a moment to break down the options that sole proprietorships, partnerships, LLCs, and businesses have when they change their business name. In an LLC, members (owners) must approve a name change. Companies that were founded as a company must also receive shareholder approval before a name change. Over time, you may decide that the company name you`ve chosen for your business no longer accurately reflects your brand. Or you might decide that you would be legally better off having a different name. Partnerships: « If you are filing a Form 1065 for the current year, select the appropriate name change field on the form: Page 1, line G, box 3. If you have already filed your tax return for the current year, write to us at the address where you filed your tax return to notify us of the name change. In addition, the notification must be signed by a partner of the company. 5. Apply for a new EIN. Some businesses must receive a new employer identification number. See IRS Publication 1635 [PDF] to determine if you need to reapply.
You must choose a name that is different from any other company name or LLC in your state. If you answered « yes » to any of these questions, a new name may better reflect your current brand identity. Make it easier to pronounce and spell. I hope that is self-explanatory. In the age of Google and the Internet of Things, it`s important that your business is easy to find online. You must also inform your state tax authority of your company`s new name for sales tax, income tax, and other tax purposes. Talk to your lawyer and tax professional about the possible name change to be aware of any potential issues related to the change. Don`t forget to tell your story.
Renaming your business isn`t just a rename, it`s also a rebranding. And part of a successful rebranding process is determining the authentic brand story you want your audience to associate with your business. Scandal. You also have a major drawback if another company of your name is involved in a scandal. The resulting reputational blow will also have an impact on your business! Therefore, it`s important to protect your company name to control your brand message and make sure you`re not sharing your profits with a competitor. (For more information on proper registration and protection of your business name, see « What small businesses need to know about trademarks. ») Nellie Akalp, entrepreneur, author and small business expert, wrote on SmallBizTrends: « It`s natural for a business to grow, expand or change direction over the course of its life. The name you hatched at the beginning may no longer match your company`s market, activities, or brand personality. Some of the questions you should ask yourself include: 2. Keep the original name as a registered company name and submit a DBA for the new name If you have already filed your tax return for the current year, write to us at the address where you filed your tax return to inform us of the name change. Also, contact the Secretary of State or the office of the Business Department that first registered your business. Request the appropriate state enterprise name change form, commonly known as the change form or change item.
Get your logistic ducks in a row. Renaming your business isn`t just a branded creative business, it`s also a hands-on business. Here are the logistical and legal tasks you need to perform: Whether you`re running a sole proprietorship, partnership, LLC, or corporation, our detailed step-by-step guide.
