Picking a Great Name For Your New Business

It’s a lot of fun thinking up a name for your new business.  It’s kind of like naming your new baby.  But, you don’t have to make your mother-in-law happy with your new company name the way you might need to use an old family name for the new baby.  But, picking a name for your business should be a thoughtful process.  You don’t want to realize in a couple of years that you want to change your business name.

What should you be considering when picking a company name?  You want something distinctive but easy for customers to remember.  If your name is too generic or obscure, people won’t know what you do.  I’ve seen start-ups create new words to name their companies.  That’s fine but realize that you will be spelling your company’s name every time you use it.  And you will still need to explain what your core business is.  It will help if your business name evokes an image that will stick in people’s minds when you say it. You may not want to include your city or state in the name, in case you decide to move or expand.  And finally, you want to make sure that no one else has registered your name, either with the New Jersey Division of Revenue or the U.S. Patent and Trademark Office.  You should have more than one name in mind in case your first choice is already taken.

When you have picked your company name, you should reserve the name with the Division of Revenue so no one else takes the name.  And then you should quickly have your limited liability company or corporation Articles of Formation/Incorporation filed so that you own that name.

If you find that you chose the wrong name, don’t wait for things to get better.  Have a meeting of your board of directors or members, vote to change the name, and file the necessary documents with the Division of Revenue.  And then file the change of name with each state in which you are authorized to do business.  Then, notify your customers and the Internal Revenue Service.  Once you determine that your name is working for your business, file a trademark application to protect yourself.