Over time, the business owner may decide that the business name no longer accurately reflects the brand. Or you might decide you would be better off legally to have a different name. Depending on the entity type and location, the process for changing a business name varies. This article will give you brief about how to change your business name in the U.S.
The proposal of the change of business name should be passed by the special meeting of the shareholders/members and the written resolution should be kept with the official records.
File Certificate of Amendment with the State where you do business. By filing a document called “Certificate of Amendment” (name may vary depending on the states) an LLC or Corporation can request to change the name of the business with the State. When approved, it means your company will operate under its new name.
You will need to notify the IRS for federal tax purpose. If your corporation is filing a current year return, mark the appropriate name change box of the Form 1120 type you are using Form 1120: Page 1, Line E, Box 3. If you have already filed your return for the current year, write a notification signed by the officer to the IRS at the address where you filed your return to inform the IRS of the name change.
You should also notify the 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. You may need to check with the county, city, or local government office to find out if they require updating existing business licenses and permits with the new name or cancelling the current licenses and getting new ones under the new business name.
Do not forget to change the legal documents, including contracts, loans, and your business internal documents.
All information in this article is only for the purpose of information sharing, instead of professional suggestion. Kaizen will not assume any responsibility for loss or damage.
The IRS Schedule C (Form 1040) is commonly utilized by individuals to submit their individual income tax returns, disclosing their annual income, and determining the taxable portion after accounting for tax deductions and credits. The following will talk about entities that are required to report on Schedule C, as well as the specific deductions applicable to Schedule C.
Maintaining accurate and organized records is a crucial obligation for small business proprietors, irrespective of the size of their workforce, the nature of their services, or the type of business entity. Recordkeeping involves the systematic and methodical storage of business documents. The subsequent section examines the significance of recordkeeping for small businesses and outlines the recordkeeping requirements stipulated by the IRS.
After an extensive search and evaluation process, you have identified a suitable candidate for the position. The next step in the hiring process is to extend an offer of employment to the selected candidate. At this stage, it is essential to act promptly, proactively contacting the chosen candidate, drafting an offer letter, considering a counteroffer if necessary, and conducting pre-employment checks. This is a complex process, and it is crucial to handle the offer with care.
The inquiries posed by HR during a job interview may lead to legal complications for the organization if specific protocols are not adhered to. Even seemingly benign questions have the potential to trigger a discrimination lawsuit. This article aims to provide a concise overview of the types of questions commonly asked by U.S. companies when interviewing job candidates.
