It was recently announced that Yahoo’s post-Verizon sale remains would be renamed Altaba. While discussion continues to swirl around the company and the future of its leadership, there’s another conversationabout the new business name.
According to an anonymous source familiar with the matter, “Altaba” is a combination of “alternate” and “Alibaba.” (Yahoo currently has a 15 percent stake in Alibaba Group Holding Ltd. with holdings worth about $35 billion.)
Choosing a new name for an existing business, especially one as internationally renowned as Yahoo, is an extensive process that doesn’t happen overnight. It takes a lot of time, money, and thought to decide on a new name that is still consistent with your brand. Most importantly, a business has to ensure that the name is available to use, and must file an Article of Amendment with the state.
For small business owners inspired by Yahoo’s switch to the portmanteau Altaba, here’s what you need to know about altering your company’s name.
1. Put plenty of thought into the process.
The second name for your business should be just as meaningful and memorable as its predecessor. Using Altaba as an example, steer towards short and specific names. Stay away from anything too generic, complicated to spell, and that follows what everyone else is doing. Whether it’s your first name or rebranded second name, always keep in mind the core of your business and what it does.
2. Make sure your business name is available to trademark.
Never assume that any given name is the most original one ever and that nobody else has it! Check name availability through a trademark search tool like the database with the United States Patent and Trademark Office. This will help uncover identical and similar marks to your name that are already registered or in the process of being registered by other businesses and entrepreneurs.
Once you’ve confirmed that your name is indeed unique, you can file a trademark application to register the mark. This gives your business exclusive rights to use the name and the ability to sue for infringement if anyone attempts to use your mark.
3. File an amendment with the Secretary of State.
If your business is a Corporation or LLC, states require that you file an Article of Amendment when altering or changing your business name. Keep in mind that filing Articles of Amendment may also change the registered agent’s name and address, the principal office address of the business, and the description of business activities. Don’t forget to notify the IRS and local revenue agencies about the changes to your business name either!
4. Determine any other new filings your business will require.
If your business already filed for a “Doing Business As” name (DBA), you’ll need to do this again with your local government agency under the new business name. We don’t recommend putting this process off either since DBAs identify the business.
A few advantages to filing include the ability to open a business bank account, publicly marketing and advertising your business to increase its visibility, and establishing credibility with your customers and vendors. Additionally, you may also need to file for a new Employer Identification Number (EIN) and update or acquire new business licenses and permits.
5. Start updating everything else!
Now that your (second!) business name is legally yours, it’s time to let your customers know and make the transition to adapting to the new name as smooth as possible. The Small Business Administration recommends developing a plan that helps build your brand and notifying customers about the change. Begin updating all of your marketing materials, bank accounts, websites, domain names (you may need to register a new domain), paperwork for loans, email addresses, and social media handles.
Whew! Just as Rome wasn’t built in a day, switching to a new business name isn’t something that can be accomplished within 24 hours or less. But if you do your homework while filing the necessary documents, you can keep your business in compliance with the fresh, new name your heart was set on renaming the business.
The post From Yahoo to Altaba? What Altaba Can Teach Entrepreneurs About Changing a Business Name appeared first on AllBusiness.com
The post From Yahoo to Altaba? What Altaba Can Teach Entrepreneurs About Changing a Business Name appeared first on AllBusiness.com. Click for more information about Deborah Sweeney.
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