Rebranding refers to the process of changing the corporate image of your business. It is a market strategy of giving a new name, symbol, or design for an already established brand. In simple words Rebranding is simply changing most or all of the brand identity elements such as name, icon, colour, font, or tagline. The idea behind Rebranding is to create a different look for your brand, and this can stimulate the growth process of business in an ever-evolving market.
All business systems and marketing materials must be updated in line with the rebrand, including Physical items such as business cards, office stationery, Email signature and information on websites, etc.
Change in Business Name
Although it is unwise to change your business name, sometimes when the company’s name gets tarnished, or there is some other serious problem that is unsolvable, the companies may change their names to get out of the situation. Also, there can be several reasons to change the name of the business.
So Whatever your reason be changing your business name is a difficult task as you need to change your name on all legal documents, undergo a procedure, and you might risk losing any brand recognition if you have. Still, if you think that changing name will have a positive impact on your business, you can do.
1. Search the new name
You need to search for a unique name for your business. By unique, it meant any other business shouldn’t take that name. If a name already exists as a trademark, you can’t use it even if the company doesn’t operate in your state.
In most states, the website of the state business filing agency includes an online entity name check tool. You can quickly check online whether another business is already using the name you have chosen.
2. Notify your secretary of state
Different states have forms for changing the name of the business. All business should firstly notify their secretary of state for breaking titles except sole proprietorship business.
Also, the state taxing entity should be informed about the new business name for sales and income tax purposes. They will like to charge a fee.
3. Notify the IRS
- If you are a sole proprietor or a single-member LLC, write the IRS and inform them about the new name. Use the address where you mailed your tax return
- If you have a corporation, you can change your name when you file an income tax return or mail IRS at the address in which you file a tax return
- If you are in Partnership or multiple LLC business, notify the IRS about the name change when you file your partnership information return
4. Change Licenses and Permits
Nearly all companies have licenses and permits with various levels of government. Contact each of the offices associated with those permits to learn how to change the name on those forms. Fees will likely apply.
5. Change Legal Documents
You need to change legal documents, including contracts, loans, and your business checking account. Also change the name in business forms, signage, and your website. Contact your website administrator and ask them to redirect your site to your new domain.
After you change your business name
After the name changed has been approved by your attorney and the federal state filing is done, you can start working on all the things that needed to be replaced.
Also, communicate the customers about the changed name.