Business owners may need to consider changing their business name for a wide variety of reasons. Whether it's because of legal issues, target market changes, or rebranding purposes, the process of changing a business name in Minnesota is relatively straightforward.
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However, a Change of Name process must be done in accordance with the Minnesota Revised Business Corporation Act (MBCA). In this article, we will guide you through the steps to change your business name in Minnesota.
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Step 1 - Determine the Legal Name of Your Business
Before starting the process of changing your business name in Minnesota, it is important to figure out what your business's legal name is. If you have incorporated, the legal name of your business should be in your Articles of Incorporation. If you are operating as a sole proprietor or general partnership, your business name can be found on any DBA (Doing Business As) filing you may have filed with the Secretary of State.
Once you know your legal business name, it is crucial to confirm if the proposed new name is available.
Step 2 - Check if the Desired Business Name is Available
You cannot change your business name in Minnesota if the new name is already taken by another business operating in the state. You can check the availability of your desired business name by visiting the Minnesota Secretary of State website.
Use the Business Entities Search tool to find out whether your desired business name is available in Minnesota. Ensure the name is not identical or closely similar to any existing business names in the state of Minnesota.
Step 3 - File a Certificate of Amendment
Once you've found that your desired business name is available in Minnesota, you must file a Certificate of Amendment. This is true of any business structure you may have incorporated under, including Limited Liability Companies, C Corporations, S Corporations, Professional Corporations, and Nonprofit Corporations.
MBCA requires that the Certificate of Amendment must include specific pieces of information, such as the new business name, and be signed by an authorized representative of the business. The form must then be filed with the Office of the Secretary of State. If you are facing difficulties filing the Certificate of Amendment online, you may file the form via mail, in person, or fax.
Once the Certificate of Amendment has been approved and filed with the state, your business name will be officially changed.
Step 4 - Notify Third Parties of the Name Change
After filing for a Certificate of Amendment, Minnesota law requires business owners to notify third parties of the name change. Third parties may include creditors, suppliers, clients, and banks such as issuing new business checks with the new name.
Businesses may also find it necessary to change their bank account information like their account names, routing numbers, and account numbers to match their new business name. Also, updating their taxes, website address, licenses, and permits should be incorporated among priorities.
Conclusion
In conclusion, changing your business name is a process that can be done in a few steps. It must be brought into accord with Minnesota's legal requirements in accordance with MBCA. As always, ensure and cross-check the documents filed are accurate and up-to-date.
It is also essential to hire a business lawyer before making any critical decisions concerning changing your business name to ensure there are no contractual obligations or trademark infringement risks. By successfully and legally changing the name of your business, Minnesota business owners can give their companies a new surge of energy and name recognition in the marketplace without any worries about the legality of operating under a different name.
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