As a business owner, changing your business name can be a big decision, but it's sometimes necessary as your business expands or as trends in the industry change. If you’re a business owner in Maryland and you’ve decided to change your business name, the good news is it’s a straightforward process. This article covers everything you need to know about how to change your business name in Maryland.
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First, it's crucial to understand the reasons a business might want to change its name. Some common reasons include:
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- New business ownership or partnership: If you're taking on a new business partner or a new owner is joining the business, it might be prudent to rebrand the business with a new name.
- Rebranding or repositioning: As trends, changes in the market environment, or political correctness arises, it might be time to rebrand your business with a new image and name.
- Legal or trademark issues: Sometimes, a business might need to change its name to address legal issues or potential trademark infringements.
Whatever your reasons, it's essential to make sure the new business name reflects both your brand identity and unique selling points.
Step-by-Step Guide to Change your Business Name in Maryland
If you've decided to change your business name, it's essential to do so by following the right legal process. Here is a step-by-step guide on how to change your business name in Maryland:
1. Update your name with the IRS
The first step is to update your business name with the Internal Revenue Service (IRS). You will need to complete Form SS-4 and select a new name for your business. Once the IRS approves this form, you'll receive a new Employer Identification Number (EIN), which you will use while filing applicable taxes.
2. Check name availability
Once you have your new name, it's time to check for its availability with the Maryland Department of Assessments and Taxation (SDAT). A name search can be done by visiting the state’s online Business Name Search tool. If your new name isn’t already taken, move onto Step 3.
3. Complete Articles of Amendment
As an entity licensed by the State of Maryland, you will need to file a "Articles of Amendment" officially changing your business name in Records LLCSDAT. Before filing the Articles amendment, you must have completed the previous steps, including federal tax registration which affects the name provided within the article. Maryland has an online form because of the remoteness requirement, making removing nearly effortless. Including:
- Online Schedule of change of name(s) official; Limited Liability Company)
- Name of the Limited Liability company, then fein#
- Custodial Last 4 digits enter as warrantor#
- Then resubmit
Within 24 hours, Maryland notifies LLC by e-mail that the Maryland Articles of Amendment name change form has been approved or denied.
4. Update business licenses and permits
Once you receive Maryland's official approval notice, it's time to update all of the critical licenses and permits required for operating your business. You'll need to update your new name, address, and contact information with the relevant comptroller and/or state-level departments.
5. Communicate the name change to your customers, clients and business partners
Make sure to change all of your official contact sheets and share the news to your business-related partners, vendors, clients updated versions of your most recent brochures, product datasheets business cards and logos. Remember to also update everything on your website, social media sites, and all other business accounts.
Congratulations! By following these steps, you'll have successfully completed the process of changing your business name in Maryland!
Conclusion
A business name is essential to your brand identity. Thus, changing a business name becomes a big decision. However, following the legal and logical steps outlined in this article make for a straightforward process - Changing your business name makes healthy business sense in cases where you no longer meet your business needs.
Remember, don't forget to update all your licenses, agreements, bank cards, business accounts, and official fabric sources with your Maryland's Articles name change approval. In essence, don't procrastinate something that may appear small like change of `LLA's name can ground your business for two or three days.
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