Implications of changing a company name

It takes time to build your reputation as a business and gain name recognition from your target customer base. Due to this, changing your name can confuse your existing customers and undo the progress you’ve made with potential customers. A name change can help your customers and prospects see your business in a new light. Consider changing your business name if what you do has changed substantially such that a new name better reflects your activity.

Examples of successful business name changes.

Small Business Administration discusses this in great detail, explaining the legal and regulatory steps involved with changing your company’s name. Not only do you have to notify the proper authorities, such as the IRS, but you may require a new EIN. To avoid any trouble, hire an attorney and tax professionalwith the appropriate experience and knowledge.

It will cost, but it is money well spent. See full list on godaddy. Thirty years ago changing the name of your company had nothing to do with the Internet. This wasn’t a consideration. Here are some questions to answer: 1.

Have you secured the domainthat matches the new company name? Are the matching social media profiles available? Have you considered the impact this will have on your search engine traffic? If you care about search engine optimization and organic traffic, changing domain names is easier said than done. Take this story, for example.

And that is exactly what happened. Worse yet, this happened within a period of two weeks. Roughly three months later, traffic was still down percent.

From business cards to flyers to signage, everything has to change. Remember that trade show display that set you back a few thousand dollars? It probably doesn’t hold much value any longer. Everything associated with your old company can be packed up in boxes and put in storage.

It is time to purchase all new print material. For some companies, depending on the size and industry, this could result in an expense of tens of thousands of dollars. Some companies have a strong brand.

Others didn’t make much of a dent in their market. According to a recentAccenture study, percent of consumers are loyal to brands and providers.

If you change your company name, your brand is left in the past. Simply put, brands realize the importance of loyalty. There are times when it makes sense to change your business name. For example, if your current name doesn’t accurately convey your product or service, a change could work in your favor. Conversely, there are times when sticking with your current name is the best option.

Can you imagine Pepsi, McDonald’s or Nike making this type of change? What is a company name change? Can I Change my Name of a LLP? Why do companies change their name? Company names must not contain any deemed ‘sensitive’ words or expressions, or breach trademarks or copyright in any way.

You can read more in our guide to choosing a limited company name. It can be tough on your business to rebuild relationships after a change of that magnitude. So, if you can avoid it, don’t do it.

But, if you find yourself. If you have one that you find embarrassing or that brings the wrong kind of attention, changing it may relieve you of a lot of embarrassment or hassle. One of the best parts is that the sky is the limit. Assignment is a transfer of some property or ownership to someone else, including duties and rights. Top Reasons to Change Your Company Name 1. You suffer from brand confusion.

Does your company ever get calls for a business with a similar name? You’ve changed industries, products or strategies. Businesses often pivot to respond to market positions. Inform Companies House. To change your company name, you will need to inform Companies House, the registrar of all UK companies.

For whatever the reason, you should first consider the legal implications of that change. On a personal level your friends and family need to adjust and get used to calling you by a new name. On a business level, there can be confusion, because you have to deal with all of your business contacts that need to figure out who you are. The next issue is the government and your credit history, which can be messed up for a while. Some are for business reasons, while others are the result of a marriage.

Regardless,, there are important considerations that should be made before the change is finalized. Below are several positives and negatives for legally changing yours. Pros of a Name Change. The change of name takes effect on the date of the issue of the altered certificate.

The company retains the same company number even after the change of name. Update your invoices, stationery and business cards to include your new name and logo. Change the signage at your premises and any livery on vehicles. If you rent your premises, the landlord may ask to see the Change of Name Certificate. Discuss any necessary changes with your bank, eg changes to account names.

For example, if a company is changing its legal entity name , it can be costly to update the ownership information for all of its IP and other assets. Nevertheless, companies do change their names for various reasons—sometimes successfully, as with Nissan and Datsun, and sometimes not so successfully. In this tutorial, we’ll look at some of the reasons why you might want to change the name of your business , and go through the steps you need to take to ensure the switch is a success.