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Sometimes, a business name doesn’t work out. Maybe you had a clever play on words that you thought would represent your brand well, but customers didn’t make the connection. Or perhaps your company name has your name in it, but you want to build the brand beyond yourself.
Whatever your reason, changing a business name can be challenging, as you don’t want to lose any brand recognition you do have. You also want to update your name with all the right agencies and in the correct places. But updating your business name doesn’t have to be overwhelming. Here’s how to change your business name in six steps:
The first step is to choose a business name that suits your needs. After you have your name, go to your Secretary of State’s website and ensure the name isn’t already in use by another company in your state. If it’s already in use, you will need to opt for another name.
You may also want to consider other factors, like domain name availability. If you plan to trademark your name or think you might in the future, you can check with the US Patent and Trademark Office’s trademark search tool to see if your new name is available.
Officially changing a business name also requires you to let your Secretary of State know. Your state’s office, which should be the same agency you used to register your business , will have a form for changing your name.
Note that states have different names for these forms. Go to USA.gov to find a link to your state’s office. There will likely be a fee for the name change.
If you’re a sole proprietor, you can change your business name with a doing business as (DBA) .
Changing a business name with the Secretary of State is just the first of a few places you’ll need to contact about your new name. You’ll want to gather a list of all the business permits and licenses you have and contact each issuing agency to update them about your name change.
For example, you may have to contact your local fire department to update your fire permit, as well as a federal agency if you’re in a federally regulated industry. Note that you may have to pay a fee to change your name with certain agencies.
An IRS name change has different requirements depending on your business structure. In some cases, it’s as easy as noting the name change on your next tax return. For example:
Note you do not need a new employer identification number (EIN) if you’re changing your business name. Updating the IRS of your new name will change the business name on your EIN.
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Start hereNow, you’re ready to tackle your business documents, such as records, manuals, and contracts. Change your business name and logo on documents like invoices and reach out to suppliers and vendors to update necessary agreements.
You’ll update your business bank account as well and ensure you update your payroll provider . If you have a domain and decide to get a new one, you’ll want to redirect your site there.
After changing your business name with relevant agencies, it’s time to update your clients and customers. Let customers know that you’re still open for business as soon as possible.
Briefly explain or celebrate your business name change. This will help you retain their confidence and start building your new brand to attract more customers .
Craft a strategic communication plan and utilize various channels, such as social media, email, and your website. For example, you can tease your new name with a series of rebranding posts on social media and a planned reveal date.
Changing your business name is a big decision. But successfully changing your business name involves a well-executed plan. Use the opportunity to redefine your brand identity and align it with your business goals.
From starting a business to changing a business name, one crucial aspect is maintaining seamless financial management. Accounting and payroll software , like QuickBooks Payroll, can make name updates seamless for functions like invoicing and payroll.
Yes, if you change your business name, you will keep the same employer identification number (EIN). The EIN is the legal name of your business for tax and identification purposes.
How much does it cost for a company to change its name?The cost for a company to change its name can vary widely depending on factors such as jurisdiction, legal requirements, and complexity. You will typically pay fees to your Secretary of State and agencies that issue your business permits and licenses. You can consult with a legal professional to get a specific estimate.
How long does it take to change a business name?The timeline for changing your business can vary, depending on processing times by government agencies. It can take several weeks to complete the entire process.
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