What Is a Company Entity Name
Company names often have abbreviations behind them, including LLC and Inc. Find out what these abbreviations mean and how an LLC differs from a corporation. To register a name for an LLC, the process corresponds to the company name in most aspects. A key difference is that the name must contain one of the following: This doesn`t mean the name has to be descriptive – save it for your slogan or slogan. But find a way to stand out with a catchy, distinctive, and impressive name that appeals to the heart of your business. Reservation of the desired name usually requires the proper filing of a name reservation and payment of all government fees. Once your name reservation period expires, the name you reserved will become available again in state records. The biggest disadvantage of a trade name is that in most states, registering a trade name does not give you the exclusive right to use that name. If your official business name is Sandy`s Ice Cream LLC, but your business name is Yummy Ice Cream, any other company could also use that trade name.
In some States, the first company to register a DTA has the right to do so. You may have been calling yourself Yummy Ice Cream for a year before you registered it, but if Tia`s Ice Cream LLC has already registered Yummy Ice Cream, you can`t use it if your state has this rule. Also, in cases where a company name and company name are different, it is common for companies to present it in contracts, invoices, or other similar documents using the term “trade as” or “t/a.” For example, if Jane Doe was a sole proprietor with the registered trade name “Jane`s Chocolate”, Jane may call her business Jane Doe, operating as Jane`s Chocolate ABN 123 456 789. The exemption also applies to partnerships. If all partners want to use their own name in the company name. For example, if Jane Doe and Jack Doe sell clothes under Jane Doe and Jack Doe, they would also not have to register a business name. A business name is the name by which your business is commonly known, or the name you use when doing advertising or doing business. A trade name is also known as DBA (doing business as). Walmart is a good example. Walmart`s legal trade name is Wal-Mart Inc., but its trade name is simply Walmart – that`s the name it uses in its advertising and website, and what most people call it. However, its official name, which appears on all government documents (corporate returns, taxes, compliance, etc.), is Wal-Mart Inc.
Your business can only have one “legal” name at a time. However, it can have any number of aliases or DBAs (“doing business as”). So if you have other business name ideas, you can use them as database administrators. For example, if the official name of your LLC is “Smith and Jones, LLC”, you can file a DBA to do business as “Best Painters” and another DBA to do business as “World Wide Painters”. You can use these DBA names on your website, in signs, advertisements, promotions, etc. If you have already incorporated your corporation or limited liability company, but want to expand your business in another state, you must comply with the naming rules of the other state if you qualify to do business there. And there are other names that your company or LLC may use, such as DBA (aliases), fictitious names, and domain names, which can also be part of your company`s naming process. Registering a business name is a relatively simple process that can be done online. You need to go to the ASIC website and follow the steps. On this page, ASIC also has a tool that you can use to check if the name you are interested in is available. A name proposed in the Secretary of State`s records is no different from an existing name if the names are the same or differ only in one or more of the following ways: As you can see, choosing a name for an LLC or corporation goes beyond thinking about the perfect name.
There are legal restrictions to be aware of – and not just in your state of incorporation, but in any state where your LLC or corporation also qualifies abroad. In any case, it is best to check the availability of your name with a status. And if you need time, a name reservation will help ensure your name is there for you when you need it. The easiest choice for a business name is to use your official name. This means that for a sole proprietor, you can use your personal name for your business and business name. To make a legal name a trade name, you can add the profession. For example, if Ethan Smith is the official name, Ethan Smith Accounting could be the trade name. It`s an easy way to show what your business does. Check with your state to see if adding the business name requires name registration. If the word added indicates that there is more than one owner, such as Ethan Smith and Company, you must register the name. Registering a trademark can protect your business name. Learn how to get started with this easy-to-follow explanation of how the signup process works, how much it costs, how much it takes to time, and more.
However, unlike name reservations, not all states offer this option. And many of those who do, only make it available to businesses, not LLCs. The registration of a name, if available, usually takes a year and can be extended indefinitely. In the case of Sprintlaw, our company name is SPRINTLAW PTY LTD and our company name is “Sprintlaw”. When we request an entity name from a particular state department, we register that publicly traded entity, organization, or company to do business in that particular state. Common types of business entities include: Without limiting the Secretary of State`s discretion to determine that a proposed name cannot be distinguished in the record, the following aspects are not considered when comparing proposed and existing names: The use of the term “trading as” or “t/a” is not necessarily required by law. However, it can help customers or other parties to your contracts understand the connection between your business name and your business name. According to the Act, there is a general requirement that all Australian companies must register a company name.
If the difference between the proposed name and the existing name is the addition or omission of a distinctive font or font, punctuation in accordance with section 21001(f), symbols in accordance with section 21001(g), or spaces. A trade name refers to the legal name of the “entity” under which your business operates. In the case of a company, this is the legal name of the company itself that was created at the time of registration (e.g. SPRINTLAW PTY LTD). In the case of a sole proprietor, this is the legal name of the sole proprietor (e.g., Jane Doe). In the case of a partnership, this is the name of the partners (for example, Jane Doe and John Doe). The entity name is the name used by a company to enter into contracts and make other legal or administrative commitments. You don`t need to have a business name; You can easily do business with your full official name. However, if you decide to use a business name, you will need to register it with your state or county. To protect consumers (so they can determine who actually owns a company they`re interacting with), you`ll need to file a fictitious name statement (sometimes just called a DBA application) by filling out a simple form, paying a fee, and sometimes placing a legal notice in a newspaper. If you`re starting a new business, you`ll need to choose a name that can be used in your state and doesn`t go against another company`s brand.
If you find that the name under which your business is incorporated cannot be used in a state where it qualifies, you will generally need to adopt an acceptable fictitious name (also known as an alternative name) and do business. The fictitious name must be included in the proxy application you submit to be eligible in the state. The official name is the official name of your business, which identifies it to the government. If you have a business, your name probably includes the designation “Inc.”, such as Cute Boots Inc. If your business is an LLC, your name probably ends with “LLC,” such as Valley Woodwork LLC. If you`d like to discuss your options in relation to what we`ve covered in this article, our experienced lawyers will be happy to help.