Changing the name of your business can be an important and strategic decision that reflects the evolution and growth of your company. If you're doing business in the state of Minnesota, this article will guide you through the necessary steps of changing your business name.
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1. Research Your New Business Name
Before rushing into changing your business name, conduct thorough research to ensure the new name is suitable and not already in use. You can start by checking the availability of the new name using the Minnesota Secretary of State's website. Make sure to also search the United States Patent and Trademark Office's database to ensure there are no conflicts with registered trademarks.
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2. Governing Document Amendment
The next step is to review your governing document, such as the Articles of Incorporation (for corporations) or Articles of Organization (for LLCs), to determine the process for changing the business name. The governing document typically includes provisions on how amendments should be made. Follow the outlined procedure precisely.
If there are no provisions for changing the business name or the existing provisions are outdated, consult with an attorney to ensure legal compliance throughout the process.
3. Inform the Internal Revenue Service (IRS)
If your business is a registered LLC or corporation and has filed any federal taxes under its current name, you must inform the Internal Revenue Service (IRS) about the name change. This can be done by completing and submitting Form 8822-B (Change of Address or Responsible Party - Business) to the IRS. It's important to keep your business tax information up to date.
4. File Documents with the Minnesota Secretary of State
To make your business name change official in the state of Minnesota, you'll need to file the appropriate documents with the Minnesota Secretary of State. The required documents vary depending on the type of business entity:
Corporation
For corporations, file Articles of Amendment with the Minnesota Secretary of State. This document can be filed online or via mail. When completing the form, include the old business name, the new business name, and any related changes to the Articles of Incorporation.
Limited Liability Company (LLC)
For limited liability companies, file Articles of Amendment (Form LL0120) with the Minnesota Secretary of State. This form can also be filed online or by mail. Provide the old business name, the new business name, any related changes to the Articles of Organization, and the effective date of the name change.
Partnership or Sole Proprietorship
Partnerships and sole proprietorships in Minnesota typically don't require a statutory name change process. You can simply transition to your new business name without filing any formal documentation. However, it's advisable to update your name on any relevant licenses, permits, and contracts.
5. Notify Other Government Agencies
Apart from the IRS and the Minnesota Secretary of State, certain government agencies and offices should be notified of your business name change. These may include:
- Minnesota Department of Revenue: Notify the department through the online Business Registration System and update your taxpayer ID number.
- Minnesota Department of Employment and Economic Development: Update your business information to reflect the new name on the applicable licenses and registrations.
- Minnesota Department of Labor and Industry: Notify the department to ensure compliance with labor standards.
- Post Office: Inform the Post Office of your new business name to ensure mail delivery continues without any complications.
6. Update Licenses, Permits, Contracts, and Marketing Materials
Finally, update all licenses, permits, contracts, and legal documents to reflect your new business name. Inform your vendors, banks, clients, and customers about the change. Consider updating your website, stationery, business cards, social media profiles, and marketing materials to reflect the new name as well.
Take this opportunity to market your business among your existing and potential clientele, spreading the news about your new name and presenting it positively.
In conclusion, changing your business name in Minnesota involves legal and administrative processes, but it can be done seamlessly by following the steps outlined above. Ensure compliance with all legal requirements and communicate the change effectively to your stakeholders. Your new business name should reflect the continued growth and success of your company.
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