Online Incorporation MaxBlog

Naming your business may be easier said than done. When considering what to name the business, keep in mind that it should be short, easy to remember, and related to what your business does.

The process of naming a business involves various steps depending upon the entity type, some of which require approval from local and state authorities. MaxFilings, the online incorporation service , assists entrepreneurs with this process.

Below is a brief summary of business name requirements for the various business entities:

Sole Proprietorships and Limited Partnerships

No formal process required. Each is considered to operate under the name of the owner or partners. If the business will operate under another name, a fictitious name or a “doing business as” (DBA) affidavit is required in most jurisdictions. This informs local government and the public that the business is operating under an assumed name and indicates who the owner(s) are.

Limited Liability Companies and Corporations

These entities require a more formal process. The name is established when articles of organization are filed with the secretary of state. If the name is already in use, the articles will be rejected. However, calling the secretary of state’s office beforehand or using an online incorporation service such as MaxFilings can prevent such a delay.

Similar rules exist for both LLC’s and corporations. The name for a LLC is required to include “Limited Liability Company”, “LLC”, or some phrase indicating the business is an LLC. Terms such as “Corporation”, “Incorporated”, “Corp.”, “Inc.” or some phrase to indicate the business is a corporation. State statutes identify which terms can be used.

Is now a good time to incorporate? The answer to this question for the most part depends on whether your business is already operating or not. However, determining when to incorporate is relatively simple once you have made the decision to incorporate.

If your business is already operating, it makes the most sense for you to go ahead and incorporate in order to provide protection to your personal assets. Also, incorporating online  is simple and if done just prior to the end of year, you can save time and money by only having to file one tax return.

The question becomes a little more complex when you have not begun operations. If that will begin in the next year, you may want to wait in order to avoid paying taxes and fees for the current year

However, it can be beneficial to go ahead and incorporate online when you can devote your full attention to it. As your launch date nears, you certainly will have other important things to deal with. Another benefit to getting it out of the way is being more certain you can obtain the ideal company name. Waiting too long can put that at risk

So, When is the Best Time to Incorporate a Business? It depends and consulting with your attorney and accountant is suggested in addition to informative resources found here