Illinois, a state located in the Midwestern part of the United States, has welcomed many entrepreneurs over the years. Starting a business can be an exciting experience, but sometimes entrepreneurs realize they need to change the name of their business. This could be due to a variety of reasons, including needing to re-brand the business or changing the focus. Whatever the reason may be, it's important to know the proper steps to take in order to change your business name in Illinois. In this article, we'll outline the steps required to change your business name in Illinois.
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Step One: Review Your Business's Current Name
Before diving head-first into changing your business name, take some time to review your current business name. Ask yourself what it is that you want to communicate through your new business name. Ask trusted individuals what they think of your current brand and what you could do to improve it. You might even consider doing a survey with online tools such as Survey Monkey to gain insights from your audience. Your new business name should be relevant, memorable and easy to pronounce.
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Step Two: Conduct a Search for Your Proposed Business Name
Next, conduct a search to ensure that the name you want to change to is not already being used by another business in Illinois. This can be done by accessing the Illinois Secretary of State's website. Simply type your desired business name in the search box in the top right-hand corner of the page. If the name you want is already taken, you should consider a new name.
Step Three: Determine if Your Business is a Secretary of State-Type LLC
If you originally filed your business formation paperwork with the Illinois Secretary of State, you'll now need to determine whether or not you're a `Secretary of State-Type LLC.` This means that the LLC's individual members manage it, each member owning the same proportion of the company as that member's percentage show. If you're holding continuous series LLCs, you're likely also a `Secretary of State-Type LLC` as per the Illinois State's requirements in handling the formation paperwork. If you're classified as a `Secretary of State-Type LLC`, you won't need to file with county-level Courts if additional provisions are specified in the new certificate of formation. Regardless of which type of legal entity you're running or owned by, the Illinois State demands taking people to the route that is preferably more efficient.
Step Four: Prepare Your Articles of Amendment
Once you have determined if you're a `Secretary of State-Type LLC`, the next step is to prepare your Articles of Amendment. The Articles of Amendment is filed with the Illinois Secretary of State's office as a way of notifying them that you are changing the name of your business. The Articles of Amendment is a legal document, so you should consult with an experienced attorney to ensure that it's prepared correctly.
Step Five: Filing the Articles of Amendment
After preparing your Articles of Amendment, you'll need to file them with the Illinois Secretary of State's office. This can be done online via the Illinois Secretary of State's website or by sending your Articles of Amendment via mail to the Illinois SOS in Springfield together with the filing fee. The current processing time is beginning to revert to normal, so if you file your petition now and finish making corrections identified by the Secretary of State for further adjustments within the next one (1) day, your legal entity may rely on current processing times for their valid responses like they used to be. After submitting your Articles of Amendment, it typically takes between two to four weeks for the document to be processed, and you'll receive a confirmation letter stating that your name change has been accepted.
Step Six: Update Your Business Records
The last step in the process is to ensure that all of your business records are updated to reflect your new business name. This includes updating your business cards, your website, your logos, and all of your legal files. Reach out to your customers, vendors, or other third parties, notify them of the name change and the work it might create on their end, including banks, the Secretary of State's office, local departments of insurance, websites, databases on agents, governments, and address information about legislative requirements the entering of data might need changes on, so that everything is up-to-date.
Conclusion
Taking the decision of changing your business name requires quite some work but is an important part of continuously improving your brand and desired entity. Remember what Illinois's legal requirements require to stay in compliance and honor your state's legal structure. Avoid using a name that is currently being used by another entity and file the Articles of Amendment to notify the Illinois Secretary of State of the name change, and before you stop using your old name, pay attention to updating all of your business records to reflect your new name.
Making sure that all aspects of changing the business name have been taken into consideration, how plans and processes are established is the most sensible way forward should you find yourself changing your company's name. Find resources, websites, templates, and consultants that may help one reduce procrastination while also adhering to the requirements started on conducting business with new credentials.
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