Accounting & Bookkeeping

How To Change Your Business Name?

How To Change Your Business Name
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We have often seen that a business started with a particular concept, but over the years, there has been a shift in the idea and even the way people started perceiving the company. At such a juncture, it becomes essential to make sure that you have the right aids and the process to get into the system, and the best thing to do without a tinge of doubt is to change the business name.

However, changing the business name can be a bit technical, keeping in mind that sometimes those are legal procedures that you need to vote through, and not every time these are straightforward. We know that many people do not know how to change the business name, and professional help is significant for them. At Profit Jets, we are here to help you with the best and ensure that if you want us to guide you, we can do the same.

Changing the name of your business can be a very urgent requirement as well, and for that, you need to keep a few factors in mind. Today we are going to be giving you a basic idea about how you can choose to change the name of your business and what steps need to be done for successful changes.

Changing the Name of Your Business

Changing the Name of Your Business
Changing the Name of Your Business

Before we start with the procedure of how to change the name of your business, an essential thing that you need to understand is whether you want to change the name of your business or not. A significant factor that you need to keep in mind is that this is a permanent process; hence, making up your mind is very important. The process of changing a business name can be divided into these 7 steps.

1. Ascertain the New Name

The first and most important thing you need to know is what should be the name of your business. Try to study and choose the name that will complement the company's working model and be attractive.

2. Let The Secretary of the State Know

The next thing you need to do is let the secretary of state know about the intended changes. There are different forms to change the name of your business, and for every state, this is very different. You can go to the online website and look up the forms that you need to fill up.

3. Make Changes to The License and Permit

After filling in the form, you next need to make changes to the license and the permit for your business. You will see that every company has different licenses and access, and you need to get in touch with each of these license providers and make the necessary changes.

4. Let the IRS Know

The next vital step under all circumstances is to let the IRS know. You will see that to legitimize the change of the name; there are different types of requirements that the IRS has, and this depends on the type of business you have.

5. Apply For A New EIN

Once you have communicated the change of business name, the next thing that you need to do is apply for a new EIN. This refers to the employer identification number, valid for only a few types of businesses. You need to know whether you fall in that segment.

6. Make Necessary Changes to the Business Documents

Once you have started with the process of changing the name of your business, the next thing that you need to do is update the changes to the business documents as well. This will automatically ensure that you have to change the business name in all your documents, websites, and other formats like your business cards or even your advertisements.

7. Let Your Clients Know

And finally, the last thing you need to do to make the change of your business name consolidated officially is let your clients know about the same. You will see that many businesses do not understand that this is a crucial step in changing the business name. If you do not do this, then in most cases, you will see that the clients do not know about the same and will not be able to find you out.

The Bottom Line

Change Your Business Name
Change Your Business Name

If you think you want to change the name of your business but do not know how to go about the process, feel free to contact us at Profit Jets, and we will help you with the process.