Three Tips on Creating a Name for Your Company
Filed Under: Articles of Interest
Tags: Articles of Interest, Business Tips, Company Name
The Wall Street Journal has a great article with three helpful tips for naming your company. For many this is a hard task on the path of entrepreneurship but it is important to spend the time in the beginning brainstorming, so you get it right. Below is an excerpt from the article:
Three Best Ways to Create a Brand Name
Creating a great brand name is almost half the battle in establishing your company or your product. But getting there involves the kind of creative thinking that might be outside a small-business owner’s purview. If you’re having trouble, branding experts say the first step is to pinpoint your strengths. Why are you the best? And what do you deliver that’s unique? Then, consider the customers whom you’re targeting and what they value most, such as social responsibility, authenticity or customization. Then, think about how you can best express these principles effectively through words.
Here are the three best ways to come up with a brand name:
1. Take inspiration from everywhere. Write down the first few ideas that come to mind when you think about your business’ service, product and personality; try using symbols, metaphors and word variations, says Michelle Adelson, owner and creative director, of brand agency Copia Creative Inc., of Santa Monica, Calif.
That’s what Dan Kim, chief executive of Red Mango Inc., a frozen yogurt franchise in Dallas, did while trying to name the flavors of his frozen yogurt and iced tea drinks. He wanted names that would give customers “an emotional experience” and appeal to their sense of adventure. For a tangerine-and-mango yogurt, he combined the flavors with the word “pandemonium” to create Tangomonium. For iced tea drinks, he wanted customers to hear the “tea” sound when they order, so he named drinks Fanteasia (a wild berry hibiscus tea) and Mysteaque (vanilla black tea with hints of bourbon flavor). “We embrace having fun with the names,” Mr. Kim says.
Read the full post here: http://online.wsj.com/article/SB125328266881923153.html?mod=dist_smartbrief
Is Your Company Name No Longer Right? Change it!
Filed Under: 101
Tags: Company Name, Delaware Division of Corporations
Is your company name outdated, or does it no longer reflect the nature of your business? Why not officially change your company’s name? Often, clients feel that a new company must be filed or that changing the name will be extremely costly and time consuming. Not so, your company name can be officially changed quickly and easily. In fact, one of the most common filings we see clients make is the “name amendment.”
In some cases, the original name may have been too specific such as Bob’s Deck & Patio LLC, when Bob began doing more general contracting and home building. In other cases a company may be redesigning its total image and the centerpiece is the new name. Instead of filing a new company these clients simply call us. We prepare and file a Certificate of Amendment to the Certificate of Formation (for LLCs) or Certificate of Incorporation (for Corporations) with the Secretary of State’s office. This filing officially changes the name immediately, or on an “effective date” as selected by the client.
Filing a name amendment versus filing a new company will allow you to keep the history that goes along with your original filing. Assets don’t change hands, liabilities remain the same, all contracts remain in force, all accounting and tax records remain the same. The name will change but everything else will remain the same. This can save the hassle of opening new bank accounts, obtaining a new EIN, and creating entirely new internal documents. The formation date of the company remains the date of original formation. This is an important consideration for many entrepreneurs.
So, once you decide that filing a name amendment is the best decision for your company, what do you do to make it happen?
The first step in the name amendment process is choosing the name. This can be a tough decision. For assistance in picking out the right name Check out this HBS blog post by Paul Sponaugle entitled Three Easy Steps for Naming Your Company in Delaware.
To make sure your company name is available in Delaware, take advantage of Harvard Business Services free name check service, https://www.delawareinc.com/namecheck. After the name is selected and reserved with the Division of Corporations, a Certificate of Amendment will have to be prepared and must be signed by an authorized officer of the company. Next, the Certificate needs to be filed with the State, and the name will officially change as of the date and time the document is filed, or at some specified date known as the “effective date” after the file date. Company names cannot be effective before the filing date of the name amendment. The State of Delaware typically takes 3-5 business days to return Certified Copies of the filing documents. Quick and Easy!
Once the amendment is filed, clients need to make sure that everyone is aware of the new name for the company. The easy way to go about informing everyone is to make a list. Write down government agencies that the company works with, clients, vendors, and banks and inform them of the new name. Notify the Post Office, UPS, Federal Express Corporation and DHL as well as any other companies that your company deals with. Some of the bureaucracies involved may have a form to fill out and return with a copy of the approved Certificate of Amendment. The IRS allows this change to be made rather easily. Simply send a letter to the address IRS office where the return was filed for the previous year. The letter needs to state the new name of the company, the old name, EIN (Employers ID Number) the signature of a corporate officer.
Finally, go forward and prosper with the new company name that properly reflects the business you have worked so hard to build!
Should you require assistance in the filing of a name amendment, or any type of amendment, feel free to give Brett a call at 800-345-2677 or send an email to brett@delawareinc.com.
Three Easy Steps for Naming Your Company in Delaware
Filed Under: INC Knowledge
Tags: Company Name, Incorporating
One thing everybody seems to have figured out by the time they call us is the name of their company. They may not know what type of entity they’ll form or where they’ll get the money to do it, but one thing they always know is the name of the company. Now, you may think you have the greatest name for the most spectacular notion ever contemplated in the history of the world, but here are some things you may want to consider before naming your new Delaware company:
1. The start will lead you to the end. What I mean is, start with the foundation of it all, the type of entity, and figure out whether you are going to form a Corporation or an LLC. Many states, including Delaware, will require an entity specific word, or words, to appear on the end, or within, the company name. Below are the acceptable endings in Delaware for Corporations and LLCs:
• Corporation endings – association, club, company, corporation, foundation, fund, incorporated, institute, limited, society, syndicate, and union. A name may include abbreviations, with or without punctuation, such as, Inc., Co., Corp., and Ltd.
• LLC endings -Limited Liability Company, LLC, and L.L.C.
2. Don’t red flag me!!! Be careful not to include a word that is restricted by the State. Though Delaware is one of the more lenient states when it comes to naming your company, it does place some restrictions on the use of particular words.
• Corporations may not use the words bank, university or college, without being subject to additional scrutiny by those respective Delaware State departments. Also, corporations may not include the word trust.
• LLCs, like corporations, may not use bank, university or college with the additional scrutiny; however, unlike the corporation the LLC may use the word trust. Also, an LLC name may not include Corporation, Corp., Incorporated or Inc.
3. Make sure the name’s available. There’s nothing worse than thinking you have all the details figured out only to find out that someone else beat you to it, so once you have the specifics of the name be sure to check its availability. Delaware requires that a name be distinguishable from any type of entity already on record. This means that two companies, regardless of entity type, may not have the same name unless given written consent by the previously formed entity, which almost never happens. To make sure your company name is available in Delaware, take advantage of Harvard Business Services free name check service, https://www.delawareinc.com/namecheck/
Remember, these rules and restrictions apply to Delaware so if you will be doing business in a state, or states, other than Delaware, be sure to check name availability and word restrictions in those states before forming your company.
The Name Game
Filed Under: INC Knowledge
Tags: Company Name, Incorporating
Choosing a name to call the company you are incorporating is a big decision and it takes a lot of thought and effort. Some like to keep the name as vague as possible, some spell out exactly what the company does, while others think of a creative and unique name. All of these approaches have their own plus and minuses. By keeping the company name vague, potential clients may not know what type of business the company does. But spelling out the exact activities of the business can often cause the name to be long and not flow together. The risk in creating a unique name is the possibility that it might be too hard for potential clients to remember. A great way to settle on a name is to conduct a mini focus group by asking family, friends and associates for feedback.
Once you have decided on a favorite, let us help you. We offer a service, free of charge to check the availability of the name free of charge. Simply call us or go online to https://www.delawareinc.com/namecheck/. Either option takes only a minute.
If you settle on a name, and it is not available, often adding another word, such as Partners, Group, International, Worldwide, or Enterprises, should help. I tell people everyone that choosing the company name is usually the hardest question to answer asked throughout the entire incorporation process. Don’t worry, if you put some time and effort into this decision now you’ll get the name right the first time!
