Changing Your Business Name: A Step-By-Step Guide

Over time, you may decide that the business name you chose for your ship’s company no longer accurately reflects your sword. Or you might decide you would be better off legally to have a different name .

Depending on the entity character, the action for changing a business list varies. It can be jumble, so lashkar-e-taiba ‘s take a moment to break down the options that sole proprietorships, partnerships, LLCs, and corporations have when changing their company name .

Whether you run a lone proprietorship, partnership, LLC, or a corporation, our detail bit-by-bit … [ + ] steer breaks down your options for changing your company ’ randomness diagnose .

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While this template will give you an agreement of what ‘s involved, it is not a surrogate for advice from a lawyer. Changing your business name may have legal implications, so it ‘s best to talk with a license business lawyer before jumping into action .

Sole proprietorships and general partnerships

manoeuver as either of these entities means you have not set up an official business structure with the state. A lone proprietorship or partnership are one in the like entity as their owner ( s ) —the commercial enterprise name must have the owner ’ s first and final names in it. however, that doesn ’ triiodothyronine beggarly sole proprietorships and general partnerships can ’ metric ton market themselves under a name that ’ south more matter to and attractive. They can file for a assumed business name, besides called “ Doing Business As ” ( DBA ) .

If your commercial enterprise is a sole proprietorship or partnership and you want to change your DBA, you can do so by :

  • Canceling the existing DBA and filing for a new one. This involves contacting the government authority that approves and registers DBAs, or you might consider using an online legal business document filing service to handle the details for you.
  • Contacting your bank to find out if the existing business bank account’s name can be changed to the new DBA, or if it will require opening a bank account for the new DBA.
  • Checking with the county, city, and local government authorities to find out if business licenses and permits must be updated or obtained for the new DBA.
  • Finding out from the IRS if getting a new DBA will require applying for a new Employer Identification Number (EIN).
  • Notifying the IRS of the new DBA. The following is from the IRS website:

exclusive proprietors : “ Write to us at the address where you filed your return key, informing the Internal Revenue Service ( IRS ) of the name change. note : The presentment must be signed by the business owner or authorized example. ”

Partnerships : “ If you are filing a current year form 1065, mark the allow name change box on the class : page 1, Line G, Box 3. If you have already filed your return for the current class, write to us at the address where you filed your tax return to inform us of the name deepen. In addition, the presentment must be signed by a partner of the clientele. ”

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Limited liability companies and corporations

Businesses registered as either an LLC or a corporation may change their name using one of two methods. One requires abandoning the original business name wholly while the other maintains the original appoint and creates a newfangled one for commercialize purposes ( such as for a new merchandise argumentation ) .
1. File Articles of Amendment with the state to change the business name
By filing a document called “ Articles of Amendment, ” an LLC or pot can request to change the mention of the business. When approved, it means your company will operate under its new mention. bill : Businesses that have extraneous qualified in other states ( i, are registered in multiple states ) must file Articles of Amendment in all those states .
While this takes care of the state records, you may besides need to follow through on one or more of the follow steps, depending on your situation :

  • Contacting your bank to find out if you must open a new business bank account for the new name, or if you can change the name on the existing account.
  • Checking with the county, city, or local government office to find out if they require updating existing business licenses and permits with the new name, or canceling the current licenses and getting new ones under the new business name.
  • Finding out if the business must apply for a new EIN under the new name. (Generally, applying for a new EIN won’t be necessary when changing a business name, but it’s best to check to make sure.)
  • Notifying the IRS of the new name. Single-member LLCs would do this the same way as a sole proprietorship; multi-member LLCs would handle it the same way as a general partnership. The directions for corporations, according to the IRS website, include “If you are filing a current year return, mark the appropriate name change box of the Form 1120 type you are using…. If you have already filed your return for the current year, write to us at the address where you filed your return to inform us of the name change. In addition, the notification must be signed by a corporate officer.”

2. Keep the original name as the registered business name and file a DBA for the new name
It may make more sense for a company to keep its official list entire ( for example, possibly the business holds a brand for the name or has built a customer following for the trade name ) and create a new appoint for market and post purposes. In situations like that, you can keep your business ‘s officially registered name while filing a fabricated name ( DBA ) for the fresh name with the state or county agency ( whichever has authority over DBAs ) .
After filing the DBA, contact your bank to find out if the DBA can be added to your company ‘s existing bank bill or if it will need its own account .

Changing (and using) a business name is no game

Whether filing Articles of Amendment to change a clientele name or creating a DBA, it ‘s critical to check that the desire new mention international relations and security network ’ triiodothyronine already claimed legally by another commercial enterprise. Using the United States Patent and Trademark Office ’ s on-line database can help detect any electric potential conflicts. I besides recommend doing a more in-depth search using express databases ; a trademark lawyer or on-line legal filing service can assist with that.

RELATED:  12 Tips for Naming Your Startup Business
This article was primitively published on See all articles by Nellie Akalp .

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