The legal business name of your limited liability company (LLC) is important for many reasons. It’s how your customers will find you, and it’s often how you’ll be known in your industry. But what happens if you want or need to change your LLC name?
It’s actually not as difficult as you might think to change the business name of your LLC. However, there are a few things you need to keep in mind before making the change. In this article, we’ll cover:
- The reasons you might want to change your LLC name
- How to change your LLC name
- What to do after changing your LLC name
Reasons for Changing Your LLC’s Name
There are a few reasons why you might want to change your business name. The most common reason is that the limited liability company has outgrown its original company name.
For example, you may have started your LLC under your own name. But as the business grows, you may want to add a business partner or invest in other businesses. In this case, you may want to change the name of your LLC to something that is more generic, such as “XYZ, LLC.”
Another common reason for changing your business name is if it’s the same or similar name to another business’ name. This can be a problem if you didn’t do a thorough search of the business name before registering your LLC.
If you find yourself in either of these situations, don’t worry. You can usually change the legal name of your LLC without too much trouble.
How to Change Your LLC Name
The first step in changing your LLC name is to check your state’s requirements. Each state has different rules and regulations regarding the names of LLCs, so you’ll need to make sure you’re following the correct procedure.
In most cases, you’ll need to file an articles of amendment form with your Secretary of State’s office and pay the required filing fee. This is a formal document that notifies the state of the change in your LLC’s name. You may also be required to publish a notice of the business name change in a local newspaper.
Once you’ve filed the necessary paperwork and met all the requirements, your LLC’s name will be officially changed.
What to Do After Changing Your LLC’s Name
After you’ve successfully changed your LLC’s name, there are a few more things you need to do to make sure the transition is smooth.
The first thing you need to do is update your LLC operating agreement. This document should contain the LLC’s new legal name, as well as any other changes that have been made to the business.
You’ll also need to update your business licenses and permits. Most states require that you renew your business licenses on a yearly basis, so this should be a relatively easy and inexpensive process.
If you have registered with the Internal Revenue Service (IRS) for a federal Employment Identification Number (EIN), you’ll need to update your company’s information with them. You can do this by filing a new Form SS-4, which is available on the IRS website.
Finally, you’ll need to update your legal business name on the LLC’s bank accounts, business contracts, marketing materials, and other financial documents. This includes changing the name on your business bank account and business credit cards as well as notifying all your business partners of the change.
Changing the business name of your LLC is a relatively simple process, but there are a few things you need to keep in mind. Make sure you check your state’s requirements and update all your business documents before making the switch.
This article is for informational purposes only and does not constitute legal advice. For more information, please consult an experienced business lawyer.
