Rebranding Your Business ? How to Change Your Business Name

Rebranding refers to the process of changing the corporate image of your business . It is a market strategy of giving a new name , symbol or design for an already established brand . In simple words Rebranding is simply changing most or all of the brand identity elements such as name , icon , colour , font or tagline . The idea behind rebranding is to create a different look for your brand and this can stimulate the growth process of business in an ever evolving market .

All business systems and marketing materials must be updated in line with the rebrand including : Physical items such as business cards , office stationery , Email signature and information on websites etc .

Change in Business Name

Although it is unwise to change your business name . But sometimes when company’s name is completely tarnished or there is some other serious problem that can’t be recovered , so companies sometimes change their names to get out of the situation .Also there can be several reasons to change the name of the business .

So Whatever your reason be changing your business name is difficult task as you need to change name on all legal documents , undergo a procedure , and you might risk of losing any brand recognition if you have . Still if you think that changing name will have a positive impact on your business , you can do .

Procedure –

1. Board Resolution

A board meeting should be called with the board of directors regarding the change in name . The company should check name availability with MCA and call Extra-Ordinary General Meeting for passing a special resolution.

2. Check Name availability

Once the special resolution for change of company name is passed, the special resolution and application for approval of company name change must be filed with the Registrar of Companies. An application for company name change must be made along with the requisite fee.

This process is same as used in the initial process. The proposed name shouldn’t be similar to another existing company name.

3. Passing Special Resolution

Once the name is approved by MCA, the company should call for an extraordinary general meeting. A special resolution will be passed for changing name and make the change in Memorandum of Association and Articles of Association.

4. Application to Registrar

A special resolution will be filed with RoC within 30 days of passing the resolution. With it, Form MGT-14 will also be filed which contains the details about special resolution. Once MGT-14 is filed, the company needs to file INC-24 with the RoC for taking approval of the central government for name change along with the prescribed fee.

5. Issuance of new Certificate of Incorporation

If the Registrar of Companies is satisfied with the company name change application, the Registrar would issue a new certificate of incorporation. It is important to note that the company name change is said to be complete and effective on issuance of new incorporation certificate by the Registrar of Companies.

6. Incorporate Changes in MOA and AOA

Once the new certificate of incorporation is received from RoC, the company name must be incorporated in all the copies of MOA and AOA.

7. Search the new name

You need to search for a unique name for your business. By unique, it meant any other business shouldn’t take that name. If a name already exists as a trademark, you can’t use it even if the company doesn’t operate in your state.

In most states, the website of the state business filing agency includes an online entity name check tool. You can quickly check online whether another business is already using the name you have chosen.

8. Notify your secretary of state

Different states have forms for changing the name of the business. All business should firstly notify their secretary of state for breaking titles except sole proprietorship business.

Also, the state taxing entity should be informed about the new business name for sales and income tax purposes. They will like to charge a fee.

9. Notify the IRS

– If you are a sole proprietor or a single-member LLC, write the IRS and inform them about the new name. Use the address where you mailed your tax return

– If you have a corporation, you can change your name when you file an income tax return or mail IRS at the address in which you file a tax return

– If you are in Partnership or multiple LLC business, notify the IRS about the name change when you file your partnership information return

10. Change Licenses and Permits

Nearly all companies have licenses and permits with various levels of government. Contact each of the offices associated with those permits to learn how to change the name on those forms. Fees will likely apply.

11. Change Legal Documents

You need to change legal documents, including contracts, loans, and your business checking account. Also change the name in business forms, signage, and your website. Contact your website administrator and ask them to redirect your site to your new domain.

After you change your business name

After the name changed has been approved by your attorney and the federal state filing is done, you can start working on all the things that needed to be replaced.

Also, communicate the customers about the changed name.