how to change my llc name with the irs [You Asked]

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Last updated : Sept 17, 2022
Written by : Rosalie Watkins
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how to change my llc name with the irs

Comment by Alane Quear

hi everyone i'm attorney aidan durham with 180 law co in colorado and welcome back to all up in your business in this episode of all up in your business i'm going to explain how you can go about changing the name of your business but first don't forget to like subscribe and share and check the description for links to additional information and resources and i have a really exciting announcement we have merch now that's right now you can show off your love of trademarks and support your favorite youtube lawyer with exclusive products from our inherently distinctive line i am rocking the inherently distinctive flowy women's tank complete with rocky logo on the back of course or turn heads with our classic all up in your business line featuring our auiyb mascot rocky what can be better than rocky's face on your face or rocky's ugly mug on your mug i mean come on scroll down or check the merchandise tab on my channel page to check it all out and start shopping okay now on to changing your business name there are a lot of reasons you might want to change the name of your business maybe you've grown tired of your business name or you've changed the types of products or services that you offer and your business name no longer you know really reflects what you're doing or maybe you didn't do a thorough enough search before you started your business and now you find yourself in some kind of a trademark infringement issue or maybe you're like me and you named your business after yourself then got divorced and now you want to change your business name from the law office of aiden h kramer to 180 law co whatever the case may be for a lot of small businesses there will come a time when you decide it's best to change the name of your business first word of warning as with most things having to do with your business every state is different the rules and procedures for changing a business name will at least be slightly different in each state and states use different terminology the names of forms and terminology used in the forms will be different so just know that the stuff i'm talking about is generally true for all businesses but the specific details and process may look different for you if you're operating as a sole proprietor this is usually a very easy thing to do let's say you're a sole proprietor so you're running a business on your own and have not registered as an llc or a corporation and you've been doing business under your legal name if you want to change that and do business under a different name or brand it's really just a matter of filing a trade name or dba registration for the sole proprietorship you would do this by filing the appropriate form with the secretary of state's office in your state in colorado this form is called a statement of trade name but like i said other states will call it something else or let's say you are already operating under a dba or a trade name that's not your legal name if you decide you want to do business under a different name again it's really just a matter of registering that new dba or trade name so just like with the first example you would file a statement of trade name or whatever the form is called in your state the only difference here is that you will then want to withdraw the previous trade name or dba registration the process is pretty similar if you have an llc or a corporation and you're operating under a dba or trade name llcs and corporations are permitted to operate under a name which is different from the name of the llc or the corporation just like with sole proprietors the llc or corporation would file a statement of trade name to register the dba then if you want to later change that you would file another statement of trade name to register the new dba then withdraw the previous registration you can use this same approach if the llc or corporation is not currently under operating under a dba if you want to change the name that your business is operating under or your business's brand you can do so by registering the dba or trade name of the llc a few important things to note here first it's important to understand the difference between the entity's name and a dba or trade name a dba does not actually change the name of the entity itself a dba means doing business as so it quite literally means that the company is doing business as a different name an llc or corporation can have multiple dvr dba registrations it's not like you're limited to just one so when i say that a company can change its business name by registering a different dba or trade name i really mean that you can change the name that you're doing business under but you're not actually changing the name of your business second the forms that you'll use may be different if you're registering a dba for an entity versus registering it for a sole proprietorship in colorado for example we would use the statement of trade name of an individual form for a sole proprietor and the statement of trade name of a reporting entity for an llc or corporation again the specific forms are going to be different in every state the process is a little different if you're operating as an llc or corporation and want to actually change the name of the entity itself i mean actually changing the registered name of the llc or corporation not changing or adopting a new dba or trade name first we need to check the company's operating agreement or bylaws to see if there are any specific requirements or instructions or anything related to changing the company's name for example many llc operating agreements will require that the members consent to the name change if your company's operating agreement or bylaws address it then you need to do whatever they say most often they'll say something like the company may conduct business under any name which the members determine and there will be some kind of requirement for either a majority or a unanimous unanimous vote if that's the case then it is important to document that vote so you can easily demonstrate that you have complied with the operating agreement this is typically accomplished with meeting minutes or a written consent in lieu of a meeting even if your llc's operating agreement or corporate bylaws don't address the name issue your state's laws most likely do every state will require some form of consent by the businesses owners or officers in order to change the business's name check the description by the way i am going to link to a sample written consent in lieu of a meeting so you guys can get a better sense of what that is so once we've got the consent portion out of the way we can actually get to changing the name we'll typically do this by amending the llc's articles of organization or the corporations articles of or incorporation this by the way is why the states require consent to change a business name we're not just changing a name we're changing the company's formative document which governs the entire existence of the company in colorado we would file amended or amended and restated articles of organization with the secretary of state to change the name of an llc again th

Thanks for your comment Alane Quear, have a nice day.
- Rosalie Watkins, Staff Member

Comment by amassesc

hey guys so it's latino medicine again with tax every refunds company and i am here to teach you guys how to change your business name i get this question all the time all the time under all my videos how to change your business name so let's go ahead and talk about it let's learn about it so that you guys can be able to change your business name for free i probably should keep the teaching because my voice just didn't anyway okay let's go ahead and get started because it's a little bit more complex than just changing your name so i want to make sure that you fully understand exactly how to do it all right let's follow along make sure you have your pen and paper down because you're gonna need to jot down some information that pertains to you or i don't know screenshot pause take a picture whichever one that works best for you just get ready to take some good notes alright so the first thing that we need to know is who can request the name change for the business anyway right so of course the owner you the owner can request a business change business name change and then also you can ask or you can allow authorized individuals to do it as well and some people want to know what is considered an authorized individual and those people are i don't know your cfo's your operating managers your member managers um managers but you want to make sure that you have in writing that they're authorized to do so all right the next thing you need to know is when you change your address where are you sending it to and what do you have to do so the first thing you need to do is if this is not tax season for you right you've already filed your taxes for the year and you need to change your business name with the irs right because it's very very important to have your name match everything that you're doing in business because it's it's something like um you can get knife for credit and a whole bunch of other slew of things right so here's the address make sure you screenshot this because this is something you're gonna definitely need okay so what you'll send to them is you can type a letter or you can write a letter to them stating what your previous uh business name is or your current business name is and what you would like to change it to make sure you have it correct okay you're not going to need to put any llc's or uh nic's or co or anything like that just put your business name just like how you have it registered right and then you want to make sure you sign that form okay you as the business owner or the the authorized individual have to sign the form mail it off and i would mail it certified mail so that you can track it and make sure they got it so that there's no miscommunication with you in the irs right so make sure you put the address in just like so send it certified mail you're going to pay a few bucks or maybe a couple sent more and mail this off to the irs okay you can call the main number and ask them if they received it after they've gotten it but you do know that we are considered in covet and their mail room is super backed up so it may take a while another thing is you should try to aim to change your name during tax season so that it goes electronically with your taxes and then boom instantly you got your solution handled for you right okay so next now in some situations a name change may require a new ein or a final tax return um so for instance if you need to change your business name depending on the type of business you have and what you're doing in the business and how you tax selected it um you may need to just get a whole new name and a whole new ein and then you'll have to file your final tax return with the old one but no worries if you're a little confused right now you won't be by the end of this video so let's get into it so proprietors this is what you'll need if you want to change um or i'm sorry you will need a new ein if these steps you file bankruptcy chapter 7 or chapter 11 of the bankruptcy code okay you need a new ein if you decide to incorporate so we already know that i'm against sole proprietorship it's just don't give you enough perks it's like pointless to even have businesses you are the business let's just start there and you don't really get a lot of perks as a sole proprietor but if that works for you it works for you okay so the next one that you'll need a new ein if you are already a sole proprietor and you decide to go partnership with your business okay and you decide to operate as a partnership you'll need a new ein and then lastly if you are establishing a pension or profit sharing or retirement plan for your business you're going to need an ein because now you are not considered a sole proprietor you are actually working as a full-fledged business okay now here's the instance where you do not need an ein do not do not okay you don't so you just changing the name that's all you're doing you're just changing the name or you're changing locations or you're adding additional locations or you're operating in different or multiple businesses you don't need a new ein just change the name and you're good to go okay corporations one of my favs a lot of people don't like it because they swear your double tax but that's because they don't know the tax rules but if you willing to learn i'm gonna put some information in the comment section of this video where you can contact me if you are looking for someone to help you with taxes and i'm that gal but anyway let's get back to these steps corporations you need a new ein if you are a subsidiary of a corporation and currently use the parents corporate ein you become a subsidiary of a corporation the corporation becomes a partnership or it reverts to a sole proprietorship you create a new corporation after a statutory merger or you receive a new corporate charter okay so these are the reasons that if you want to just change the business name and you fall in these categories you need a new ein all right you do not need a new ein if you are a division of a corporation you ever heard of the umbrella method yeah this is this is one of them okay um after a corporate merger the surviving corporation uses its ein so say for instance your company merged with another company but it's like they basically bought you out so yours go bye-bye and they keep theirs okay because they keep the name they're just merging you over and then a corporation declares bankruptcy so any company that decides to go bankrupt hang it up you don't need it you don't need a new ein okay um your business name changes no you just let them know hey we're a new name now you elect to be taxed as an escort of course not it's just your tax election no need to get all dramatic um after reorganization you only change identity form or place of organization nope you don't need a new aein and then the last thing is a corporation is sold in the assets liabilities and charters are obtained by the buyer you do not need to change your ein so selling corporations to someone else you just give them everything okay now you may change your business name using uh you may change your business name when you file your

Thanks amassesc your participation is very much appreciated
- Rosalie Watkins

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