Changing the name of your business can be an exciting and necessary step when rebranding or restructuring your corporate image. However, the process can be cumbersome and time-consuming if not done properly. If your business is incorporated in Delaware, the state provides a straightforward process for changing your business name. This article will guide you through the requirements and steps necessary to successfully change your business name in Delaware.
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Requirements for Changing Business Name in Delaware
Before making changes to your business name, there are certain requirements that must be met. Businesses in Delaware are required to have a unique name that is distinguishable from any other business already registered in the state. The new name must also comply with the state's naming rules, which include restrictions on the use of certain terms, such as "bank," "trust," or "insurance," without proper licensing.
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In addition, the Delaware Division of Corporations requires that you file all required annual reports and franchise taxes for your business. These requirements must be met and up to date prior to initiating any name change requests.
Steps to Change Business Name in Delaware
1. Confirm That the New Business Name is Available
The first step to changing your business name is to verify that the new name is available and meets all of the state's naming rules. You can quickly do this by conducting a name availability search on the Delaware Division of Corporations' website. If the new name is not available, you will need to choose a different name.
2. Ensure All Required Annual Reports and Taxes Are Paid
Before initiating a name change request, check if all annual reports and franchise taxes for your business have been filed and paid. They can be easily managed through the Delaware Division of Corporations website. If they are not up-to-date, the Division will not process your request. You also may face penalties and additional fees.
3. Prepare and File Certificate of Amendment
Once you have confirmed that the new name is available, file a Certificate of Amendment with the Delaware Division of Corporations. The form is available through the Division's website and should include:
- Your entity's name, currently listed on the Certificate of Formation
- Your entity's Delaware entity number
- Your new entity name (ensure it meets the state's naming requirements)
- Names and signatures of all authorized persons approving the change, such as the board of directors or shareholders.
At the time of filing, you should pay a processing fee. Filings can be submitted online or via a mail order.
4. Wait for Approval
After submitting the Certificate of Amendment, the Division will review it and, if complete, approve it. This usually takes about two weeks, depending on the time of the year.
5. Update Legal Documents, Including the Operating Agreement or By-Laws
Once the proposed name change has been approved, it is important to have your legal documents updated to reflect your new name. These documents include the operating agreement or by-laws of the entity. All stakeholders involved should be updated with the revised documents, including employees, distributors, partners or vendors.
6. Notify Customers and Suppliers
To ensure a smooth transition, you should inform your customers and suppliers of the upcoming name change. You should email them information on how your business's name change will not impact its operations, the nature of the entity such as its purpose, its legal structure, its industry and how contact information (addresses, email or PO boxes etc.) remain the same. For investors or venture capitalists, a public announcement, a joint press release or occasional correspondence during investor contact-fair is also important.
Conclusion
Changing the name of your business can be both exciting and stressful. In Delaware, the Corporation Division offers fast and responsive services for changing your company name. It is important, though, to ensure name guidelines are met and proper requirements have been filed before initiating a name change request. By following the steps outlined above, you should be able to execute your name change carefully and seamlessly. Ensuring that all stakeholders have proper communication is instrumental to success.
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