How to change your business name in Nevada
If you are planning to change your business name in Nevada then there is a procedure in place that you will be required to follow. Whether you own a business corporation, a Limited-Liability Company, or any other business entity, you will have to submit the business name change letter or form with the office of the Nevada Secretary of State. Here is a step-by-step insight into changing business names in the state of Nevada.
Identify the new name
The first step is to identify a new name based on the company requirements or brand requirements. Once you have chosen a name you need to ensure the name is distinguishable from any other name on the records of the Nevada Secretary of State. This is made possible by conducting a check for business names in Nevada. One of the important aspects to consider is the “Restricted Word List”. This is a business name change checklist provided by the Nevada Secretary of State and is pursuant to Title 7 of the Nevada Revised Statutes. The restricted list is different for different types of businesses. For instance, a financial institution will not be able to use words like bank, banker, banking, banc, banco, banq, bancorp etc., in their names without prior approval from the Commissioner of Financial Institutions.
Get the approval of board of directors
Since the change of business name in Nevada requires you to file an amendment with the office of the Secretary of State, you will have to get the approval of the board of directors for corporations and members for an LLC.
Check business name availability
Once you have identified a new name for your business, the next step is to check the business name in Nevada for availability. There are several businesses that may have a similar name or even the same name as chosen by you. It is important to create a business name change checklist with multiple names so that you are able to reserve a name that is unique and is distinguishable from any name on the database of the Secretary of State. Let’s look at an example to understand this: If you want to change your existing business name to silver basin, silver city, or silver bay then upon conducting a Nevada business entity search, you will find that all names exist. So, you will need to ensure your name is unique.
Notify Nevada SOS
Once you check a business name in Nevada for availability and if your name is unique then you will be required to file a “Certificate of Amendment”. This amendment has to be filed with the office of the Secretary of State. The Nevada certificate of amendments to be filed will be different for different types of businesses like corporation and LLC.
Change licenses and permits
Once you change your business name in Nevada, you will have to ensure the change is visible on all your important business documents including business license and applicable local permits. If your business name change is due to the introduction of a new product or service then you may have to apply for new licenses and permits as well depending on the location of your business.
Notify the IRS
Once you have reserved your new business name with the Nevada SOS, it is important to change the business name with the IRS. The process of changing business names will vary according to the type of business. According to the Internal Revenue Service (IRS), you will not require a new Employer Identification Number (EIN) for change in business name in Nevada. IRS also states that if an EIN was recently assigned to a business and tax return has not been filed yet then you can send a “Business Name Change” request directly to IRS at Stop 6055, Kansas City, MO 64999.
Apply for a new EIN
If you change your business name in Nevada then the change needs to reflect on your EIN. Normally, you will not require a new EIN for business name change but may require one for special circumstances. If you are a single member LLC then according to the IRS, the business is considered as a disregarded entity and hence doesn’t require an EIN. If you change the type of business to a multi-member LLC then you will be required to send a business name change letter to the IRS and also have to apply for a new Employer Identification Number (EIN). If you don’t have an EIN tax ID and want to apply for one then we at IncParadise can help you obtain a new EIN.
Apply for a new EIN for your business in Nevada!
Update your business documents
Every business requires documents and these documents are critical to starting, operating, maintaining, and expanding a business. Once you change a business name in Nevada then you will have to ensure the new name is reflected in all important business documents. The important documents include company formation or incorporation documents like Articles of Incorporation or Organization, State Tax documents, annual report, compliance and regulatory documents, company bylaws for corporations, Non-disclosure agreement (NDA’s), employment agreement, and memorandum of understanding (MOU) among others. At IncParadise, you can benefit from free legal documents for your business like an operating agreement for a single member LLC or a partnership agreement or employer agreements.
Get a new company domain name
When you change your business name in Nevada, you will need to get a new domain name if you are hosting your business online. Domain name is basically the name of your website and you can conduct an availability search online prior to reserving your domain name. You don’t have to change the hosting of your website though.
Communicate with your customers
Once you change the name of your existing business, it is important to issue a business name change letter for all your customers, business clients, and vendors. This will ensure your customers are updated and at the same time informing them makes them feel valued.