Change in Business

Sometimes a business name just doesnt work out. May be it doesnt truly represent brand or customer didnt make the connection. Whatever the reason may be but changing company names amounts to a significant alteration since Memorandum of Association and Article of Association needs to be altered. As per Section 13 of the Companies Act 2013, a company may change its name by passing a special resolution in general meeting and receiving approval from the Central Government.

The steps which are involved within the company to change name are as follows

1) Passing board resolution when partners are mutually agreed

2) Checking name availability

3) Passing Special Resolution

4) Applying to Registrar

5) Incorporating company name in MoA and AoA

The steps to change the business name

1) Research the new name

2) Notify your secretary

3) Change licenses and permits

4) Notify the IRS

5) Apply for a new EIN

6) Update your business Documents

7) Communicate with your customer

If you want to do it online then following eforms need to be filed:

1) The existing company needs to reserve the name through RUN

2) After the name is approved, MGT-14 (necessary resolution for alteration of Memorandum of Association and Articles of Association (MOA and AOA) needs to be filed.

3) eForm INC-24 (Application for approval of Central Government for change of name) needs to be give effect to change in name

Top Reasons to Change Your Company Name

1) You suffer from brand confusion

2) Youve changed industries, products or strategies

3) Its a legacy name that no longer works.

4) Its too closely tied to a location.

5) Its too generic or mediocre.