As any new bride can attest, changing your name is a lot harder than you might expect. The same is true for New Jersey businesses…
As any new bride can attest, changing your name is a lot harder than you might expect. The same is true for New Jersey businesses. In addition to the legal concerns associated with selecting a corporate name, businesses must also notify a range of entities of the switch, from the Internal Revenue Service (IRS) to your insurance provider.
Selecting a New Name for Your Business
In New Jersey, the new business name must be distinguishable from other names on the Secretary of State’s database. If your new name is already in use, the registration will be denied and you will have to select another name, which wastes both time and money. It is also advisable to check the proposed new name against existing trademark or service mark registrations.
Trademark law also prevents businesses from operating under names that are likely to be confused for the name of a competing business. Accordingly, your business could face legal liability if you select a name that is already being used to offer the same goods or services in your area.
Switching from Your Old to New Business Name
Once you have verified that the new name is in the clear, you will need to make it official. In most cases, the company will have to amend its organizational documents, such as articles of incorporation and bylaws, to reflect the new name. New Jersey corporations seeking to make a name change must file a Certificate of Amendment to the Certificate of Incorporation with the New Jersey Division of Revenue.
New Jersey businesses must also register the name change with any licensing authority. For instance, the New Jersey Division of Consumer Affairs requires businesses to submit a “filed” copy of the Certificate of Amendment along with a certificate of commercial general liability insurance reflecting the change.
Public companies must also notify the SEC and change their names on the SEC Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system. Entities like the Financial Industry Regulatory Authority (FINRA) and the NASDAQ stock exchange also have notification forms and procedures.
The process for changing a name with the IRS depends on the type of business. For corporations that have not yet filed their returns, you can mark the appropriate name change box of Form 1120. In all other cases, it is necessary to write to IRS at the address where you filed your return to inform the agency of the name change. Depending on the legal structure of the business, i.e., sole proprietorship, partnership, corporation, the notification must be signed by the business owner, partner, or corporate officer.
Finally, businesses should also consider notifying customers, vendors, and other key contacts about the name change. While generally not legally required, providing advance notice can prevent confusion and help make the transition proceed smoothly. Of course, it is also essential to ensure that the name change is reflected on the company’s website, marketing materials, business listings, and social media.
Breach of Contract Explained: Types and Consequences
Breach of contract disputes are the most common type of business litigation. Therefore, nearly all New York and New Jersey businesses will likely have to deal with a contract dispute at least once. Understanding when to file a breach of contract lawsuit and how long you have to sue for breach of contract is essential […]
How to Dissolve a Corporation in New Jersey: A Step-by-Step Guide
Closing your business can be a difficult and challenging task. For corporations, the process includes formal approval of the dissolution, winding up operations, resolving tax liabilities, and filing all required paperwork. Whether you need to understand how to dissolve a corporation in New York or New Jersey, it’s imperative to take all of the proper […]
Gross Lease vs. Net Lease: Understanding the Key Differences
Commercial leases can take a variety of forms, which is often confusing for both landlords and tenants. Understanding the different types, especially the gross lease structure, is important when selecting the lease that best suits your needs. One key distinction between lease types is how rent is calculated and paid. This article addresses the two […]
What to Do If You Are Impacted by a Retailer Bankruptcy Part 2
Over the past year, brick-and-mortar stores have closed their doors at a record pace. Fluctuating consumer preferences, the rise of online shopping platforms, and ongoing economic uncertainty continue to put pressure on the retail industry. When a retailer seeks bankruptcy protection, a myriad of other businesses are often impacted. Whether you are a supplier, customer, […]
The Current Administration's Proposals for the Financial Services and Banking Industries Will Affect Your Business
Since his inauguration two months ago, Donald Trump’s administration and the Congress it controls have indicated important upcoming policy changes. These changes will impact financial services policies and priorities. The changes will particularly affect cryptocurrency, as well as banking rules and regulations. Key Regulatory Changes in Cryptocurrency For example, in the burgeoning cryptocurrency business environment, […]
Tips for Commercial Landlords Impacted by Wave of Retailer Bankruptcies Part 1
The retail sector has experienced a wave of bankruptcy filings over the last year. Brick-and-mortar businesses in financial distress include big-name brands like Big Lots, Party City, The Container Store, and Vitamin Shoppe. When large retailers seek bankruptcy protection, they are not the only businesses impacted. Landlords can be particularly hard hit. While commercial landlords […]
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.
Let`s get in touch!
Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!
