A great name can go a long way as you start to develop a positive and memorable brand for your business. It helps potential customers understand what you offer, and creates an “image” for your organization. As a result, choosing a great name for your new company is worth taking the time to do it right.
Why a good business name is so important
Now that the Internet is such an important part of the modern business landscape, having a name that properly defines your business, and stands out from the competition, has never been more important. Lots of people will interact with your business’s name before they will interact with you. A good name in the current business climate is one that has available relevant domain names and social media profiles. This helps ensure that you will be able to effectively market yourself online.
Things to consider when deciding on a name
- Does this name match the formality of the business I’m starting?
- Is the name related to the type of business I’m starting?
- Is the name too long?
- Can the average person easily spell the name?
- Are there any unfortunate double meanings of this name?
- Is this name being used by anyone else?
- Does this name accurately describe what this business will do?
Before you settle on a name
Finding a great business name still requires a traditional state-level name check. New businesses can never take on a name that’s already in use in their state, or that may be deceptive to consumers in any way. If a state finds that the name you intend to use has already been claimed, or may mislead customers, they will reject your incorporation documents. That’s why it’s ideal to make sure your desired name is available before you try to officially file. Avoid spending additional time and money on filing twice.
Requirements to keep in mind
Business names do face several regulations and restrictions, which can vary greatly from state to state. However, all states require that your name not be deceptively similar to any other business or organization on record. Registered trademarks are typically off limits as well. Some states also have explicit restrictions on the use of terms common to certain industries (typically covers financial businesses).
Most states also require that your company’s name explicitly shows consumers your chosen business structure. For example, C corporations must use the word “corporation”, “company”, “Incorporated”, or a relevant abbreviation, at the end of their name.
Swyft can help!
For more information on naming restrictions in your state, or states in which you are considering forming your new business, please contact us today!