How do you change a successful business name?

Register the new name with your state and/or the Federal Trademark Commission. You can read up on the basics of trademarking here and research the requirements for your state here. Update or amend any legal documents to reflect your new name. Notify the IRS of your new name.

How do you successfully rename a business?

5 Steps to Rename Your Business the Right Way

  1. Start with brand strategy. Before you can ever develop a new name for your business, you have to get clear on your company’s identity. …
  2. Identify a new brand name. …
  3. Create and implement the brand design/visual identity. …
  4. Communicate the changes to your stakeholders.

Is it a good idea to change business name?

Many companies find it necessary to change their names in order to accelerate their success if they suffer from brand confusion or when people mistake your company for another with a similar name, acronym, or logo. … Your new name should be easy to spell, say and remember.

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Can I rename my business name?

By filing a document called “Articles of Amendment,” an LLC or corporation can request to change the name of the business. When approved, it means your company will operate under its 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.)

Is it difficult to change a business name?

Whatever the reason, you can easily change your LLC’s name by filing paperwork with your state agency that handles business filings. The most difficult and time-consuming part of an LLC name change is altering your LLC’s name on all your business accounts, contracts and marketing materials.

How do I change the name of my small business?

7 Steps to Changing Your Business Name

  1. Research the new name. Start by checking the U.S. Patent and Trademark Office. …
  2. Notify your secretary of state. …
  3. Change licenses and permits. …
  4. Notify the IRS. …
  5. Apply for a new EIN. …
  6. Update your business documents. …
  7. Communicate with your customers.

How do you change ownership of a business?

How to Sell Your LLC and Transfer Complete Ownership

  1. Review your Operating Agreement and Articles of Organization. …
  2. Establish What Your Buyer Wants to Buy. …
  3. Draw Up a Buy-Sell Agreement with the New Buyer. …
  4. Record the Sale with the State Business Registration Agency.

Why you shouldn’t change your business name?

Con: Rebranding to a New Name May Confuse Your Customers

It takes time to build your reputation as a business and gain name recognition from your target customer base. Due to this, changing your name can confuse your existing customers and undo the progress you’ve made.

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How much does it cost to change the name of a business?

Most states charge a filing fee to process the paperwork associated with your business name change. While the fee can vary by state, it typically costs between $20 and $150. Change your name with the Internal Revenue Service.

Does a business name really matter?

Your customers or investors fluency with the name you choose to give your business can make a huge difference when it comes to the ultimate success of your overall venture. … discovered stocks with easier to pronounce names outperformed those with names more difficult to pronounce.

How long does it take to change a business name?

How Long Does It Take to Change a Business Name? The IRS typically takes about two months to register a business name change.

Can you change a business name and keep the same EIN?

When you change your business name, you generally do not have to file for a new EIN. Instead, you submit an EIN name change. … If you change your name soon after you file your annual tax return, then you can inform the IRS of the EIN number change name through a signed notification, similar to a sole proprietorship.

How long does it take for the IRS to process a business name change?

The IRS typically takes about six weeks to process a name-change letter. If you fail to provide the necessary details in your letter, the IRS may request for additional information, which may further delay the processing.