As the name represents your brand and reputation, changing business name is not an impulsive decision. But sometimes business name change is necessary due to various reasons such as merging with another company, acquisition, a legal issue, or re-branding your business. If you have made the decision to change your business name in South Dakota, here's everything you need to know –
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Steps to Change Your Business Name in South Dakota
Step 1: Check Availability of the New Business Name
Before deciding the new business name, it's vital to make sure that the chosen name is legally available for use. You must check the South Dakota Secretary of State Business Name Database to determine whether the new name is already in use by other businesses or not. The business name should be unique, distinguishable, and not similar to any other existing business name.
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Step 2: Amend or Incorporation in South Dakota
Next, you need to decide the process you want to undertake to change your business name. Depending on the type of your business, you either need to file an amendment or incorporation form with the South Dakota Secretary of State.
- **Sole Proprietor** – For a Sole Proprietor, all you need to do is file the updated assumed name registration with the County Register of Deeds office, where your business is located.
- **DBA** – If you are using a fictitious business name, you need to file for an updated DBA certificate with your local clerical office or County Register of Deeds office.
- **LLC (Limited Liability Company)** – LLC needs to file Articles of Amendment with the South Dakota Secretary of State to update your business name officially.
- **Corporation** – A corporation in South Dakota has to go through the process of filing Articles of Amendment with the South Dakota Secretary of State to update the legal business name.
Step 3: File Articles of Amendment
Once you have decided the process of amending, you are required to file Articles of Amendment or Incorporation with the South Dakota Secretary of State's Office and pay a filing fee of $50. It's necessary to submit a name change form as mentioned above beforehand and have the new name approved to move forward with the Amendment process.
The form includes information regarding your business, registered agents and officers, as well as the updated information that needs to be modified, i.e., the legal business name.
If you face any difficulty during the process of filing Amendment or Incorporation forms, South Dakota Secretary of State's website and business services providers can be of more help.
Step 4: Update Necessary Paperwork
After completing the process of Amendment or Incorporation successfully, you need to update all your essential paperwork such as bank accounts, licenses, contracts, marketing materials, online presence, and tax identification with the new business name. Without updating all the necessary legal documents, it can often create financial and legal trouble for business in the future.
Step 5: Let Your Customers, Vendors, and Partners Know
Once you have amended the name and updated all the essential documents, it's time to let your customers, vendors, suppliers, business partners, and stakeholders know about the name change. Provide them with a formal notice of the name change and any new banners, brochures, asking for new business cards, etc. to showcase the new business name.
Conclusion
Changing the legal name of the business is always a crucial and sensitive decision that happens only after much consideration. It's necessary to file safety formalities and diligence in complying with state laws and legal document amendments to ensure the process stretches smoothly. Following the above-described process can help you achieve your goal of a new business name in South Dakota. As always, seeking the help of a legal professional may save an entrepreneur time, cost, and efforts.
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