How Do I Buy A Company Name
For many business ventures, the name is the base of the entire branding structure. Before you spend a lot of time and money buying domain names, designing logos and other marketing materials, make sure you own your desired name or can purchase it from its current registered owner.
how do i buy a company name
Go to the secretary of state's website in the state you want to register the business. Each state has its own database of companies registered. Enter the name you want to use in the search window and look for companies that might already be using your name.
Obtain the name and address of the registered agent for the business that is using the name you want. If there are no businesses using the name, you will be able to register it directly with the secretary of state.
Search the U.S. Patent and Trademark Office (USPTO) database for registered trademarks using the desired name. The Trademark Electronic Search System (TESS) is the database utilized by the trademark office. Enter the name into the search engine to see if any businesses are using the name in a trademark.
You may still be able to use the name on a state level as long as the business with a trademark does not fall into the same industry as your business. If it does, write down the registered trademark agent information provided by TESS.
Negotiate the terms for the name purchase. Depending on the cash value the existing name or trademark has to the registered owner, the price could range from hundreds to millions of dollars. You may have to negotiate with the business registered owner and the trademark registered owner separately.
Determining the best way to register a business name will take into consideration several factors, such as the business structure, the geographical area in which the company will operate, and the extent of protection needed.
To illustrate the possibilities, we will explore the various options of a fictional business. In our example, Robert Hansen opens a residential home rental business after buying one house for this purpose. He begins by operating as a sole proprietorship and uses the name "Robert Hansen, Property Rentals" for the business. In time, Robert acquires more properties and decides he wants a new name for his business.
One option for Robert is to create a corporation or an LLC. To do so, he must file certain registration documents with the appropriate state agency. This requires the business to choose its legal name.
State laws prohibit a company from using a name that is already being used by another company. So, part of selecting a name involves checking the state's records to be sure another company is not already using the desired name.
Robert wants to use the name "Sunrise Properties" and determines that name is available. He might file articles of incorporation under the name "Sunrise Properties, Inc." Or, he might file articles of organization under the name "Sunrise Properties, LLC." This would prevent other companies from using the name "Sunrise Properties" in his state.
Creating a corporation or LLC only provides protection in the state of registration. If Robert decides to expand into another state, he may be able to register his corporation in the new state, providing the name is not already registered there.
This is often done with a county agency, but may be with a state agency in some states. This is called a fictitious name in some locations and is also commonly referred to as a "doing business as" or "dba" name.
Assumed name registration is not limited to sole proprietorships. Let's suppose Robert forms Sunrise Properties, Inc., and decides to start a yard maintenance business that uses a different name. In this case, Sunrise Properties, Inc., might register "Sunrise Lawn Services" as an assumed name. This would then be "Sunrise Properties, Inc., dba Sunrise Lawn Services."
Instead of forming a corporation or LLC, let's suppose Robert takes on Laura Deever as his partner. Their partnership might register "Sunrise Properties" as their assumed name. Or, for another example, they might combine their surnames and register "Han-Dee Properties."
Trademark, trade name, or service mark protection may be available on a statewide basis. The requirements for registration vary from state-to-state. Such registration must be done in each state where the business operates.
This provides nationwide protection of a business name. Federal trademark registration requires a search to be sure a similar name hasn't already been trademarked, and there are detailed requirements and limitations relating to the ability to trademark a business name.
Determining the best way, or ways, to protect your business name will take into account the way you decide to structure your company, the type of goods or services you offer, and the geographical range of your business operations.
To get started all you have to do is search for a company name to see if its available, and then buy your company name by paying the registration fee and completing a short application. If you go to The Formations Company website, we can do the filing for you and make sure all the paperwork is in order.
Once you have set up your company you will have to take care of all the administration involved with trading a company. This includes setting up a bank account, registering for tax, filing annual accounts and managing PAYE or any employees.
Often the name is not unique. For example, in our communications team alone there are 3 'Daves'. When starting a business, you want to make your name stand out in the market place. Having something unique may prove beneficial and protecting that name may also be crucial to the success of the business.
Incorporating a new company will prevent other businesses from registering the same, or a very similar, company name to yours. A trade mark is a sign which can distinguish your goods and services from those of your competitors.
Registering a company name does not automatically protect it by trade mark law. Similarly, if you register a trade mark, you may not necessarily be able to register it as a limited company name. They are 2 different forms of protection, administered by 2 different organisations.
You can apply for both a trade mark and register as a limited company online. A UK trade mark application will start from 170 and (if accepted) will last for 10 years and is renewable indefinitely.
It costs 12 to incorporate a company online and directors are responsible for running the company. This includes the regular filing of documents such as a confirmation statement and annual accounts. Failure to file these documents is a criminal offence.
This is really where a trade mark would be of significant benefit as it stops someone using the same or similar names in trade. But first your name has to qualify for a trade mark. If you're a kitchen company based in Oxford, then the name would be regarded as descriptive of the goods and services, so would be difficult to obtain.
I was under the impression that this would be 'passing off' as we have been trading for forty years this March using the Oxford Kitchens trading name and they have obviously used a similar name in order to benefit from our good reputation by passing off as us.
But again, a defence would be that your name lacks distinctiveness and is just a description of the goods and services. Seeking legal advice would be a starting point and visit the IPO website as they may have more guidance.
The Australian Government Business Registration Service combines several business and tax registrations in one place, making it even easier to start a business. You can apply for an Australian Business Number (ABN) and register your business name online.
Private service provider - You can choose to register or renew your business name with a private service provider (PSP). This could be your accountant, your solicitor, or another business that provides online services with ASIC. They will usually charge a fee for their services above what ASIC would charge.
Talk to a CPA to decide whether buying a car under your LLC is the right decision. According to Bryan Hamby, the owner of Auto Broker Club: "If you buy a car under an LLC, you can help build your company's credit, but the LLC is responsible if anything happens with the car. However, depending on how your LLC is set up, it could provide a tax write-off benefit, so meet with your CPA to determine what fits your business best."
Consider whether having a guarantor could be a benefit. Bryan Hamby of Auto Broker Club says: "Some lenders will not finance an LLC without a guarantor. The financing will be based off of the guarantor's credit score. If that person has too many vehicles under their name or they have bad credit, the vehicle for your LLC may not be approved, it may only be approved at a higher rate, or it could affect your debt-to-income ratio, thereby affecting your LLC's credit."
Effective January 1, 2021, the names of corporations, limited liability companies and limited partnerships must be "distinguishable in the records" from an existing entity of the same type of record with the California Secretary of State and "may not be likely to mislead the public". Chapter 361, Statutes of 2020 (SB 522 Hertzberg).
When determining name availability, names are checked only against names of like entities registered with the California Secretary of State (e.g., a proposed corporation name is checked for availability only against other corporation names).
When someone types a domain into a browser, it gets routed through a DNS server. That server translates the name to figure out which IP address it points to. Then it grabs the data for that website and delivers it to the browser. This process happens in a matter of seconds, letting you find and view a website fast.
When you buy a domain name through domain registrars, you register it for one year with the option of a multi-year registration. You will be able to renew your domain name registration when the initial period finishes, and will usually be alerted by the registrar to do so. Domain names are also sometimes included in your web hosting plan and if not, usually offered by your hosting company. 041b061a72