Company Name Change Process
The timeframe for changing a company name can vary, depending on legal requirements, domain name availability, and updating branding assets. Informing customers is essential through emails, social media, and website announcements to maintain transparency and avoid confusion. Legal considerations include filing appropriate paperwork and ensuring branding and domains are available.
How to Change a Company Name
-
Obtain Approval: A company can change its name by passing a special resolution with 75% member approval or by getting permission in its articles of association.
-
Implementation: It usually takes around 3-4 working days to change a company name on the Companies House register. Most states charge between $20-150 to process paperwork.
Reasons for Changing Company Names
A good name can embody the brand’s story in a meaningful, memorable way. Internationalization offers independence from local market cycles, access to broader markets, and improves a company’s image.
Impact of Name Change
Changing a business name is not challenging in terms of legal requirements with the state and IRS. However, it can be complex if you need to update all marketing materials and redesign your website.
Process for Changing Company Name
Companies can change their name by passing a special resolution of the members, requiring at least 75% agreement. This process can be done at a general meeting or in writing.
Steps for Successful Name Change
-
Define Your Need: Determine why you want to change the name and what objectives you hope to achieve.
-
Thorough Research: Ensure the chosen name aligns with your brand values and objectives.
Changing Company Name with IRS
Complete Form 8822-B and submit it to the IRS to change the EIN Responsible Party for your LLC. Update the IRS promptly if there are changes in the Responsible Party for your LLC.
By Aubin.