Updated October 23, 2020: An LLC name change is an easy but time-consuming process. Step 1: Check that the name is available Before deciding on a new name, make sure the new name you want to use is available in your state. There will also be a filing fee that must be paid when you submit the amendment. If the disregarded entity is owned by any other entity, it is treated as a branch or division of its owner. How to Change LLC Name Changing your LLC name is straightforward, but there are a few steps to complete. Change Your Business Name >Change Your Business Name in Texas How to Change Your Texas Business Name Ready to start a business in Texas? Take your time and do the important ones first. Not sure which entity type is right for you? You are a subsidiary of a corporation using the parent's EIN or you become a subsidiary of a corporation. All rights reserved. Contacting your bank to find out if you must open a new business bank account for the new name, or if you can change the name on the existing account. If your LLC or corporation name will be used as a trademark you may want to protect its rights too. Instead of changing your business's legal name, you can file for a fictitious namealso known as a "doing business as" (DBA). Alternatively, you can simply get approval from all of your LLC members to make sure you meet any minimum voting requirements. Box 13697 Austin, TX 78711-3697 Either way, the cost is $150 (plus a $1 processing fee if you're filing online). If your business is a sole proprietorship or partnership and you want to change your DBA, you can do so by: Canceling the existing DBA and filing for a new one. . The suspended/forfeited business entity must change its name, obtain a release of name reservation from the party who has reserved the name, or convince the . Were not driven by profit, but rather by our mission to empower entrepreneurs. from University of WisconsinMadison, and she lives in the Chicago area with her family. You dont have to mail a special letter to the IRS to change your LLC name. Filing the paperwork and paying the filing fee is the easy part of the process. A sole proprietorship or partnership are one in the same entity as their owner(s)the business name must have the owners first and last names in it. You must include a self-addressed, stamped envelope to have a filed copy returned by mail. Besides updating your LLC name with the IRS and state tax department, youll also want to contact the following places and let them know about the name change. The information provided on this site is not legal advice, does not constitute a lawyer referral service, and no attorney-client or confidential relationship is or will be formed by use of the site. Essentially, youve only changed your LLC name with one part of the state government, and you need to update it everywhere else. Dont worry, this is a simple process. A business name change in North Carolina requires planning. Talk to a Business Law Attorney. Here's how to change your LLC's name, address or member information. These factors may have caused you to choose one name for your business in the beginning, but now the original name may not really fit your image or what you have to offer anymore. Your existing checks and credit cards will still work, but its important to eventually get everything updated to your new LLC name. After filing the DBA, contact your bank to find out if the DBA can be added to your company's existing bank account or if it will need its own account. She has written legal and marketing content and communications for a wide range of law firms for more than 15 years. They are very wrong. Not need to file L-16. What are the steps for changing an LLC name? On Aug. 16, 2007, changes to Treasury Regulation Section 301.7701-2were issued. The Tools, resources and guides to officially form your company. From name availability check to name registration and DBAs, CT experts can help you select, obtain, and protect the perfect name for your business. A How to get an LLC and start a limited liability company. The name you choose for your business is significant. The Forbes Advisor editorial team is independent and objective. Opt for a C Corp, Form an S IncFile can get the job done for you at an affordable price. Your email address will not be published. Check the list above to see which address to use. Youll be mailing your IRS LLC Name Change Letter and your stamped/approved LLC Amendment name change form to either: Entity Department Internal Revenue Service Kansas City, MO 64999, Entity Department Internal Revenue Service Ogden, UT 84201. To change the name of your LLC or corporation, you will need to file Articles of Amendment with your state. The cost to change your business name varies from state to state. A commission could be earned on purchases made after clicking links. They also demonstrate consent from essential members of your company, if director, shareholder, or officer ratification is required. If you get a fictitious name, you'll have to check with your bank as to whether you need to set up a new bank account or if the DBA name can be added to your existing account. Many entrepreneurs find that it's tricky to choose a new business moniker. America's Fastest-Growing Private Companies. There are several reasons why you may wish to change your companys name. You can download our LLC name change letter and mail it to the IRS: Date: Enter todays date at the top of the form. Refer to your LLC operating agreement or corporation bylaws to check how these matters are to be handled. Your operating agreement is the document that establishes the rules and procedures for how your company is run. A new LLC with one owner (Single Member LLC) is formed under state law, and has an excise tax filing requirement for tax periods beginning on or after January 1, 2008 or an employment tax filing requirement for wages paid on or after January 1, 2009. The IRS did not create a new tax classification for the LLC when it was created by the states; instead IRS uses the tax entity classifications it has always had for business taxpayers: corporation, partnership, or disregarded as an entity separate from its owner, referred to as a disregarded entity.An LLC is always classified by the IRS as one of these types of taxable entities. Can I withdraw or cancel a name reservation before the end of the 120-day reservation period? You can file a certificate of amendment to change the name of your Texas LLC by using Texas's online portal, SOSDirect. An LLC with 2 or more Members is, by default, taxed like a Partnership. Heres an LLC name change checklist that you can use: Google Docs | Excel. For wages paid on or after January 1, 2009, single member/single owner LLCs that have not elected to be treated as corporations may be required to change the way they report and pay federal employment taxes and wage payments and certain federal excise taxes. Legally changing your LLCs name is as simple as filling out and filing a form. Note: If your LLC is owned by a husband and wife in a community property state (and youve elected to be taxed as a Qualified Joint Venture), please see LLC taxed as Sole Proprietorship below. You can attach additional sheets containing a reference to the appropriate paragraph if the space in the form is insufficient. Step 1: Make sure your new LLC name is available. Be prepared to change your bank accounts and business licenses and notify the Internal Revenue Service (IRS) and others of the change. A new LLC with more than one owner (Multi-member LLC) is formed under state law. Filing for a DBA is a relatively simple and inexpensive process that you do through your local city, county, or state agency that handles fictitious name filings. You can file the Amendment yourself or you can hire a company to do this for you. Contacting your bank to find out if the existing business bank accounts name can be changed to the new DBA, or if it will require opening a bank account for the new DBA. You purchase or inherit an existing business that you operate as a sole proprietorship. The only tricky part is.. You change to a partnership or a sole proprietorship. . Serving legal professionals in law firms, General Counsel offices and corporate legal departments with data-driven decision-making tools. You can either: Tip: This is a good opportunity to review the other sections in your Operating Agreement and make any needed updates there, too. If you're looking to change the name of your LLC or Corporation, don't worry, it's a common and relatively straight-forward process. Are you prepared to change your business name on business cards, signage, and bank accounts? See all articles by Nellie Akalp. It doesnt have to match your existing IRS or state records. Here are the steps to take to change an LLC name: Find out if your new name is available Before attempting an LLC name change, it's wise to make sure the name is available in your state. The information and forms in this site are VERY helpful. Or maybe you just chose the wrong name when you formed your business and its time for something new. If you need to change your LLC's name, then you'll need to first choose a name that'll replace the old one. To change an LLC name in South Carolina, you will need to file a name reservation form and an Amendment Certificate. An attorney can also discuss alternative options with you. Note: We use the terms Certificate of Amendment and Articles of Amendment interchangeably in this article. The account has been updated and you have been removed as responsible party. Thats OK, but WHY do they send me this (approval) every 2 months from december 2021? Your LLC operating agreement may require you to put major business decisions, like a business name change, to formal vote by the members of the LLC to ensure everyone's on the same page. Save my name, email, and website in this browser for the next time I comment. Note: Weve changed the names of our own LLCs over the years. For only $99 plus state filing fees, we can help you to update your important information with the right forms and send them to the appropriate government departments. Note: There is no street address needed. This is a BETA experience. As an LLC expert with years of experience helping businesses file for a name change, I will reveal everything you need to know about how you can do the same for your LLC in South Carolina. You can file the Certificate of Amendment yourself or you can hire a company to do it for you. You may want to appeal to a new audience, reflect an expansion of your offerings or location, or perhaps you acquired a new business. Once your new name is approved by the state, you'll need to notify the IRS of the change. Then enter your name, title (use owner), and telephone number. Tip: We recommend making a spreadsheet to keep track of everything. Venture Smarter is backed by its users. The notification must be signed by a partner of the business. I sent my package 3 months ago but I didnt get my SS-4 document. What Are the Rules? Each state has its own amendment form. Changing the name of your limited liability company could be time-consuming. That might mean changing signage, brochures, forms, your website, business cards and stationeryanything that still uses your old name. And youre very welcome. Copyright 2023. She earned her J.D. This portion of the site is for informational purposes only. You can file a DBA (doing business as) form, which is also called a fictitious business name." Learn how to change your LLC name in South Carolina. If you have a state business license or a local business permit, youll need to change the name on that license. However, what if you don't like the look of Lisa's Custom Creations, LLC? In this specific circumstance, you'll need to fill outAmendment to the Articles of Organization (Form LLC-2). For example, a Limited Liability Company (LLC) must include the appropriate term or abbreviation in their name; however, entities with similar names could use different abbreviations for an LLC and be considered distinguishable. The content is not legal advice. The word 'incorporated' indicates that a business entity is a corporation. When you formed your LLC, you filed articles of organization with the state. The first step is to file a form with the Secretary of State and wait for it to be approved. Rob is an SMB writer and editor based in New Jersey. How to change your LLC name with the IRS will depend on how your LLC is taxed. You are subject to a bankruptcy proceeding. If the EIN was recently assigned and filing liability has yet to be determined, send Business Name Change requests to the IRS address where you file your return. Can I renew a name reservation? However, that doesnt mean sole proprietorships and general partnerships cant market themselves under a name thats more interesting and attractive. It defines your brand and differentiates your company from the competition. I sent in a letter that I drafted that included this but I did not include my letter from the state showing the name change I just referenced the SOS filing number in the letter along with the prior name and EIN. Get fresh monthly tips to start & grow your LLC. We understand that it can be intimidating to file legal paperwork which is why Incfile has legal experts who are ready to help youfile your amendment. While this guide will give you an understanding of what's involved, it is not a replacement for advice from a lawyer. While the process of filing an LLC name change isnt difficult, there are several things to consider before changing the name and several steps to take after the name change to achieve the desired outcome. Corporations You will be required to obtain a new EIN if any of the following statements are true. See Form 507 ( Word, PDF ). The administrator, personal representative, or executor changes his/her name or address. It can be any address youd like. You have to notify the IRS of your new South Carolina LLC name, providing them with information about your name change so they can update their records. So we have first-hand experience with filing the paperwork as well as dealing with the IRS and financial institutions. If your LLC is taxed like a C-Corp, you dont have to mail a special letter to the IRS. But how do you change your business name? The Amendment form doesnt ask you why you want to change the name. . You should also do a Google search to see if there are any conflicting results and search the United States Patent and Trademark Office (USPTO) database to confirm that the name isnt trademarked for the types of goods or services you offer. Before joining Forbes Advisor, he was a content producer at Fit Small Business. Lisa Crocco is a marketer for an international food manufacturer by day and a freelance writer/marketer for startups and small businesses by night. If completing these steps sounds like a lot of work, you have another option. The most difficult and time-consuming part of an LLC name change is altering your LLCs name on all your business accounts, contracts and marketing materials. It also involves updating your website, replacing marketing materials and company swag, updating company signage, notifying the public of the name change and notifying customers, clients, suppliers and vendors of the name change. To change an LLC name, you must amend those articles. After the state approves your LLC name change, you should then notify the following 3 places: And finally, you can update your LLC name in other places like your website and marketing materials. To officially change your LLCs name, youll need to approve the change formally and file documents with the state. Whether you run a sole proprietorship, partnership, LLC, or a corporation, our detailed step-by-step [+] guide breaks down your options for changing your companys name. Thank you Matt!! Businesses registered as either an LLC or a corporation may change their name using one of two methods. Over time, you may decide that the business name you chose for your company no longer accurately reflects your brand. I was advised to send the same copies agin to the above said address. Before that, he worked at PCMag as a business analyst. Or, you can download the certificate of amendment form ( Form 424) and mail it to: Secretary of State P.O. No matter how much we research and plan, life is constantly evolving. There are also expenses that you have to consider. Furthermore, this comment section is provided so people can share their thoughts and experience. To change that name, you will need to file a DBA name change request with your county clerks office. Search other databases. Once you choose your business name, do you have to add "LLC" to the end of it? If the primary name on the account is John Doe, a new EIN will be required. Depending on the rebranding efforts involved, this can take weeks or months. Our ratings take into account a product's cost, features, ease of use, customer service and other category-specific attributes. Be prepared to show them a copy of a certificate of name change from the state approving the change. Here's How to Do It Amanda Cameron | May 19, 2022 Did you structure your business as a sole proprietorship? With all these boxes checked you can now prepare your Articles of Amendment, pay applicable fees, and file them with the state. The new regulations state that the LLC, not its single owner, will be responsible for filing and paying all employment taxes on wages paid on or after January 1, 2009. Most states call it the Certificate of Amendment or Articles of Amendment because you are amending your Articles of Organization. Only limited material is available in the selected language. You may be required to have a formal meeting of the members, or you may be able to reach a more informal agreement. Enter the place you are changing your LLC name, their contact information, and maybe a notes section. Inc. 5000 Use Ogden if your LLC is located in: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Florida, Hawaii, Idaho, Iowa, Kansas, Louisiana, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Mexico, North Dakota, Oklahoma, Oregon, South Dakota, Texas, Utah, Washington, or Wyoming. If you want to change your company's name, address, or member information, you need to file an Amendment to your Articles of Organization. To: Check off either the Kansas City, MO address or the Ogden, UT address. You can be confident that these amendments will be completed quickly and correctly. They will handle all the paperwork and help you make changes to your documents and records to give your LLC a new look while you focus on other essential aspects of your business that matter. Search LLC state databases. The surviving corporation uses the existing EIN after a corporate merger. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. Negative publicity is also a prompt for a name change. You end an old partnership and begin a new one. Need Professional Help? Wolters Kluwer is a global provider of professional information, software solutions, and services for clinicians, nurses, accountants, lawyers, and tax, finance, audit, risk, compliance, and regulatory sectors. In the form, you must provide the name of the LLC, the date you filed the Articles of Organization, the reason why you want to amend the Articles of Organization, and the signature and date of either the LLC manager, LLC member, LLC organizer, fiduciary, or attorney-in-fact.