Before taking any actions to remove your name from a business or to cancel a business name, it’s crucial to understand the procedures and possible ramifications. The following outlines the steps and considerations involved in this process.
Steps to Deregister a Business Name
- Find the contact information for the office that granted the permission for your business name.
- Call them and ask about the process for cancelling the name, as it varies by location.
- Ask for any necessary forms you may need to fill out.
- If you wish to withdraw from an LLC, consult the operating agreement or state’s default LLC rules.
- For Google My Business listings, go to your locations list, select the listings to remove, click "Actions," then "Remove."
- Decide to close your business by following these steps: file dissolution documents; cancel registrations, permits, licenses, and business names; comply with employment laws; resolve financial obligations; maintain records.
- Voluntarily apply for the removal of a business name from the registrar.
- In case of a partnership, review your agreement’s buyout clause which typically requires remaining partners to buy out your share.
- To update, renew, transfer, or cancel a business name, follow the necessary steps for your situation or contact ASIC for financial issues.
- To deregister a business name, file paperwork stating you no longer operate under that name.
Removing Your Name from a Business
Choosing to remove your name from a business, whether for legal, personal, or financial reasons, often involves the following:
- Filing dissolution documents with state or local government authorities.
- If voluntary, securing a resignation letter from the departing member.
- Acquiring all necessary signed documents from the relevant parties.
- Adhering to any voting procedures that may be stipulated in the LLC’s operating agreement.
- Understanding that removing a name may have implications such as the need for additional collateral or full payment on accounts, based on your bank’s rules.
- Recognizing that a struck-off company’s name becomes available for new companies to use.
- Writing to CIPC with supporting information, such as tax clearance, in the event of deregistering your company.
End of Business Considerations
When ending a business:
- Recognize that a dissolved company’s name becomes available.
- Ensure the cessation of the business is properly noticed within the specified period.
- Assess whether to dissolve the business or use a DBA (Doing Business As) name if no operating agreement provision exists.
- Comprehend the buyout clause terms, which may require partners to purchase your share of the business.
- Confirm your intention to cancel the business name then proceed with the appropriate steps.
Following these guidelines can help facilitate a smooth transition out of a business or the cancellation of a business name, limiting potential liabilities and ensuring compliance with relevant laws and regulations.