To smoothly operate any business, it is important to have its name registered and have a bank account opened against the business name. But the main hassle of the process is to have your business name registered. After that, opening a bank account is a cakewalk.
It is important to register your company to have legal security and individuality. For example, if you are running an IT support company, you wouldn’t want another company to copy your name or logo for that matter because many do this to impersonate a successful business. This is what registering a business name does for you. It keeps your unique identity secure. Therefore, it is important to register your name before any trouble follows you.
Decide a Name for Your Business
To register your business, the first thing you need to do is to come up with a unique name. The naming convention may or may not depend on the state where you want to register your business. So, it is important to check for any naming restrictions by the state. Generally, these guidelines are to make your company name reflect your business.
Another thing to note while naming your business is to make sure it does not confuse with the name of any government agency or department. Such names are generally not permissible in most states. Therefore, be wary of them.
The best naming practice is to make it easy to remember and easy to associate with the industry. Such names are generally accepted everywhere. Another benefit is that they are easy to remember.
Ensure the Name Is Not Taken
One thing you wouldn’t want to do is to pick a name that is already registered by another company. Even if it is not registered with the state or federal government, it is better to make sure that such names are not taken on the web as well. Again, your business name should be unique to be registered with the state.
You can search if any business has trademarks registered against your chosen name. A simple way to do this is to visit the federal repository of trademarks and search for the name of your choice. If it shows results against the name, then change the name of your business. Otherwise, you may get into legal trouble or renaming hassle in the future.
Another thing you can do is to search the internet to see if there are any companies or individuals operating under the name of your choice. Start with simply searching that name on Google. If it shows matching results, it is your call to change the name. And if it doesn’t, you can be doubly sure that the same name is not taken by searching it on the domain search bar on GoDaddy or Namecheap. Select a name that’s unique in all these mentioned places.
Registering Entity, DBA, and Trademark
When you have finally decided on a name for your business, it is important to know how you want to register that name. If you are doing business by your name, it generally does not need state-level registrations. But you cannot separate the bank accounts from yourself and your business. So, instead, it is better to have your business registered as an entity. A sole proprietorship is a type of entity itself but generally, LLCs and corporations are considered entities. SMBs usually register as LLCs whereas corporations are bigger companies with investors and a board of directors.
DBA stands for Doing Business As. It is the name you are using for your business instead of your own name. Whether you are working as a sole proprietor or an entity, (LLC or corporation), you may be asked to register your DBA. Both registering an entity and a DBA require you to pay fees to the respective state department. You can do this directly by yourself or by hiring an agent. The benefit is that you are legally protected at the state level by making such registrations. And most importantly, you can separate bank accounts for your business.
A trademark is the name of your business, service, or product that you register with the federal government. It gets you all the legal benefits and the highest level of security from impersonation. The biggest advantage of a Trademark is that you have the freedom to open all types of bank accounts, tax benefits, and legal security. The fee for registering a trademark is the highest of the options in this article. But the benefits make it worth it.
Registering Business Name for Bank Account
For opening a separate business bank account, you can register an entity, DBA, or a trademark. Depending on the state and your type of business and local regulations, you can register the name for a bank account.
To smoothly operate any business, it is important to have its name registered and have a bank account opened against the business name. But the main hassle of the process is to have your business name registered. After that, opening a bank account is a cakewalk.
It is important to register your company to have legal security and individuality. For example, if you are running an IT support company, you wouldn’t want another company to copy your name or logo for that matter because many do this to impersonate a successful business. This is what registering a business name does for you. It keeps your unique identity secure. Therefore, it is important to register your name before any trouble follows you.
Decide a Name for Your Business
To register your business, the first thing you need to do is to come up with a unique name. The naming convention may or may not depend on the state where you want to register your business. So, it is important to check for any naming restrictions by the state. Generally, these guidelines are to make your company name reflect your business.
Another thing to note while naming your business is to make sure it does not confuse with the name of any government agency or department. Such names are generally not permissible in most states. Therefore, be wary of them.
The best naming practice is to make it easy to remember and easy to associate with the industry. Such names are generally accepted everywhere. Another benefit is that they are easy to remember.
Ensure the Name Is Not Taken
One thing you wouldn’t want to do is to pick a name that is already registered by another company. Even if it is not registered with the state or federal government, it is better to make sure that such names are not taken on the web as well. Again, your business name should be unique to be registered with the state.
You can search if any business has trademarks registered against your chosen name. A simple way to do this is to visit the federal repository of trademarks and search for the name of your choice. If it shows results against the name, then change the name of your business. Otherwise, you may get into legal trouble or renaming hassle in the future.
Another thing you can do is to search the internet to see if there are any companies or individuals operating under the name of your choice. Start with simply searching that name on Google. If it shows matching results, it is your call to change the name. And if it doesn’t, you can be doubly sure that the same name is not taken by searching it on the domain search bar on GoDaddy or Namecheap. Select a name that’s unique in all these mentioned places.
Registering Entity, DBA, and Trademark
When you have finally decided on a name for your business, it is important to know how you want to register that name. If you are doing business by your name, it generally does not need state-level registrations. But you cannot separate the bank accounts from yourself and your business. So, instead, it is better to have your business registered as an entity. A sole proprietorship is a type of entity itself but generally, LLCs and corporations are considered entities. SMBs usually register as LLCs whereas corporations are bigger companies with investors and a board of directors.
DBA stands for Doing Business As. It is the name you are using for your business instead of your own name. Whether you are working as a sole proprietor or an entity, (LLC or corporation), you may be asked to register your DBA. Both registering an entity and a DBA require you to pay fees to the respective state department. You can do this directly by yourself or by hiring an agent. The benefit is that you are legally protected at the state level by making such registrations. And most importantly, you can separate bank accounts for your business.
A trademark is the name of your business, service, or product that you register with the federal government. It gets you all the legal benefits and the highest level of security from impersonation. The biggest advantage of a Trademark is that you have the freedom to open all types of bank accounts, tax benefits, and legal security. The fee for registering a trademark is the highest of the options in this article. But the benefits make it worth it.
Registering Business Name for Bank Account
For opening a separate business bank account, you can register an entity, DBA, or a trademark. Depending on the state and your type of business and local regulations, you can register the name for a bank account.
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