A change in the name of your business could be a decision that is made for several reasons. It could be to rebrand your company, target a new market, or simply because the original name does not fit with what your business has evolved into. Whatever the reason may be, a change in business name can be a wise move as long as it is appropriately executed. If you intend to change your business name in South Carolina, this article will provide you with steps to follow to ensure a hassle-free process.
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Choose an Appropriate Name
Soon as the decision has been made to change the name of your business, you must come up with an appropriate name - one that is not already taken and complies with a new state law. One of the laws which relate to the registration of business names in South Carolina requires that the name you choose:
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- Be distinguishable from other registered business entities
- Not associated with any government agency
- Doesn't contain any reserved phrases such as "incorporated."
South Carolina requires that you do not also need to undergo an entire rebranding process when changing your business name. You can also consider getting help from business names generators that will help you to come up with name ideas that adhere to the state laws.
Register the New Business Name
When it's time to register the new business name with the South Carolina Secretary of State, come prepared with the registered agent's information. The agent's address also must be located in South Carolina and not a P.O. Box number. You'll also need to complete Form CL-1 - that is readily accessible on the Secretary of State's website - and pay the filing fee to complete the registration process.
Update Your Business Records and Accounts
After the business name has officially changed, be sure to note that updated name onto:
- Your bank accounts
- Place of business, and records that interact with company data, like contracts and leases
It might also be a good idea to create a press release announcing your change of business name and to utilize social media platforms like Facebook and Twitter to spread the news.
Notify the South Carolina Secretary of State
You'll have to request a name change at the South Carolina Secretary of State of records so that they can update state records. Also, call the IRS in case the agency requires any specific documents from you to update in their records. Further notification is to be provided to other official documents that need to list your company, and liability insurance policies must have the new name added to avoid coverage issues.
Conclusion
Changing your business name might come with rebranding and a selection of a man decision for personal or professional reasons; the process doesn't have to be tough. Provided that you choose a name compliant with the state laws initially, this goes smoothly for businesses in South Carolina. Authorities touch moderately strict requirements, though some due diligence in advance and following through on the essential legal steps after registring the new business will alleviate post-name changing.
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