Are you thinking of changing your business name in Texas? Whether the change is due to a rebranding initiative, a strategic shift in your products or services or for other reasons, it is crucial to follow the correct procedures to ensure the change is legally recognized. This guide will walk you through the steps to legally change the name of your business in Texas.
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Choose a New Business Name
Before you initiate the process of changing your business name, it is necessary to choose a new name. Make sure that the new name is attractive, memorable and unique. Hop on to the Texas Secretary of State's website and perform a name search to ensure that the intended name isn't already in use by another business in the state.
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Once you've confirmed the availability of your new business name, register it by filing an "Application for Reservation of a Name" form with the Texas Secretary of State. It reserves the proposed business name for a statutory 120-day period while you follow up on the additional procedures required to change your business name officially.
Amend the Business Certificate of Formation
The next step is to file Articles of Amendment with the Texas Secretary of State to change the business name officially. Your original business certificate of formation must be updated with the state to reflect the revised name.
The Articles of Amendment is the document you need to file with the Texas Secretary of State, and it requires that you supply your business's original formation information and the details regarding the name change. You need to submit the original and a copy by mail to the Texas Secretary of State.
If you have a Texas LLC, corporation, or partnership, you must file FINOA (Form 424 Explanation of Inaccurate Name) to indicate that there is a changing name.
The processing times for submitting Articles of Amendment varies depending on the secretary of state traffic, time of the year, and filing status, it could take anywhere from four to five working days to the state's queue.
Notify the IRS and Texas Comptroller of Public Accounts
Once the LLC, corporation, or partnership amends its Certificate of Formation, notify the IRS and the Texas Comptroller of Public Accounts of the change.
Used to determine income taxes and other tax obligations, the IRS issues Stacker Codes to businesses. Any change in your business name must be communicated to them to ensure your tax documentation for the fiscal year is accurate.
To avoid confusion, alert the appropriate partners involved in your income taxation.
The Texas Comptroller of Public Accounts is the tax apex of Texas and is responsible for establishing and collecting taxes that are only mandatory for necessary services and public amenities. Once you file your tax return, any later changes to your Certificate of Formation should be shared with them.
Update Your Business Licenses and Permits
If your business has a specific license to operate, for example, in a healthcare profession, legal profession, educational services, or other regulated fields, update these licenses as required. You'll need to provide the relevant licensing authorities with a copy of your new Certificate of Formation substantiating the name change. After you've obtained these endorsements, show them to your clients to cultivate the impression that your business is healthy.
You must inform organizations that have permitted you the opportunity to conduct operations under your prior name (e.g., financial institutions, hosting providers, and utility providers). Otherwise, any said accounts that require attention in the future may be challenging, consume more time and money.
Your revenue per minute may drop if your suppliers, vendors, subcontractors, or companies recognise that you have invalid business identifications across your invoices. It is in your best interests' to provide them with copies of your updated Certificate of Formation to ensure seamless communication and transactions.
Notify Other Business Partners and Clients
Depending on the business model you operate, you must set up a strategy or plan to communicate the name amendment to other business partners. Draft an email to your team/support market and encourage a comprehensive vision explaining the transformation of the company's future and profitability objectives and hit the points clearly.
Starting and operating a vibrant company requires gutsiness, dedication, and ingenuity, knowing that you might have to make substantial changes from time to time. Demonstrating agility is of utmost significance. Call for a meeting with some of your long-standing clients/potentials face to face to illustrate the upgrades and reach a deal on upcoming business ventures under your now-changed business name.
Ensure that the newly printed or electronic invoice, receipts, promotional items, and print-outs carry your new business name. Reflect it on social media pages, public directories, conference materials, quotations, social ads and articles of incorporation to realise the enormous enhancements in financial injections and service excellence. Do that smart-ly without provoking the backlashes within your business community. Where possible, find convergence on effective ways of managing the ongoing transition without alarming or distancing anyone from the bandwagon.
Finally...
Changing business name requires patience, persistence, and adherence to specific statutes and procedures to avoid embarrassing penalties and misunderstandings in later times. Ignoring legal mandates rooted in the name change may prove disastrous for professional marketers that aim to move up various value chains withstanding the taste of competing against other brands across the industry. Winning may come at different compartments which may justify the fullness experienced from making the too hard decision you made today.
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