2. Registering a Legal Name For a Corporation or LLC
3. Choosing a Business or Trade Name
Updated October 28, 2020:
LLC mention volt business name can be two distinguish names and serve unlike purposes. The LLC name, or legal name, is the official name of the entity that is used to sign documents, file tax returns, file lawsuits, or to submit a loan application with a trust. On the other hand, a business name, or barter identify, is the name the public uses to identify your clientele. This can be on everything from business cards to websites to market pieces. You have the choice to choose if the two names are the same or not .
Choosing a Legal Name
When selecting a legal name, the first step is to decide what type of entity the clientele will be. If the business is a sole proprietorship with one owner, the name can be the owner ‘s name. Any documents can then be signed with the diagnose, and no other steps are required.
If a general partnership is put in place with two owners, the death names of both partners can be the legal name. If the decision is made to use a name that is not the final names, the partners must draft a written partnership agreement that shows the legal name chosen. The partners must then register the legal name with the state secretary of country or appropriate office .
For corporations or LLCs, you must have a singular list that can not be confused with other entities. When the name is selected, it must be registered with the allow submit agency. typically, this is the repository of state .
Registering a Legal Name For a Corporation or LLC
Registering a corporate list requires the follow steps :
- Choose a legal, permissible name.
- Be sure the name includes one of the following state-approved words or abbreviations:
- Check to confirm whether your state requires English or Roman characters.
- Verify that the name does not conflict with any existing business entity. If the name is too similar to another entity’s name, the state will not approve it. A search can be completed by the filing agency to confirm whether a name is still available.
- If the formation steps are taking time, a corporation may reserve a name with the state secretary of state. This means the name can’t be taken by other interested corporations. The reserve will usually be in place for 120 days. In most states, the reservation can be extended for an additional 120 days or more for a fee.
To register a name for an LLC, the serve matches the pot name in most aspects. One main remainder is that the name must include one of the following :
- Limited Liability Company
- Limited Company
just like the pot, a name search must be completed and the ability to reserve an LLC name can be done in most states. The timeframe for reservations ranges from 30 days to 120 days for a tip .
Choosing a Business or Trade Name
The easiest choice for a barter list is to use your legal mention. This means for a sole owner you can use your personal name for both your business and deal name. To make a legal name a barter mention, you can add-on the profession. For exercise, if Ethan Smith is the legal identify, Ethan Smith Accounting could be the trade name. This is an easy way to signify what your company does. Check with your state to see if the addition of the trade list requires a diagnose registration. If the parole you add suggests more than one owner exists, such as Ethan Smith and Company, you are required to register the name.
conversely, a deal name can be a wholly new appoint that will be catchier, help showcase what your business does, and sound more professional. An exercise would be a market ship’s company that wants to showcase their skills by coming up with a creative trade identify quite than using the owner ‘s name .
If the fabricated business mention is registered with the submit, you can open business bank accounts which will create a more seamless fiscal work. In addition, the assumed name should not be close to that of any other ship’s company, including those within your industry. This may result in being sued under contest laws, both state and federal. If the suit is lost, there will be significant monetary damages and your occupation may have to be renamed .
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