Crafting the perfect name for your business can be a complicated task. The process entails selecting a name that bespoke your company's services/products, all the while ensuring you follow state guidelines.
This challenging yet exciting part of establishing your brand can greatly impact how you connect with prospects. Plus, a unique and powerful business name can mean a higher level of success when it comes to marketing and branding.
In order to find the right name for your business, you need to follow a couple of steps. These are down below.
A systematic approach is essential when naming your business. You want to make sure you craft a catchy yet strong name to represent your business, something that speaks to the consumers. Here's how you can achieve that:Selecting A Business Structure
The first step of naming your new business is selecting a business structure. It is because each business style comprises different naming rules. Business structures are of two types; formal and informal business structures.Formal Business Structures
Your formal business structures may be either one of the following;1. L.L.C.
An L.L.C. (limited liability company) refers to a business where the owners are not liable for any company debt or liability. The basic rules for naming your L.L.C. in New Mexico are:
If your name suggests an illegal purpose, it may be rejected. Moreover, restricted words like Bank, University, etc., may take longer to process.2. C Corporation
A C-corporation refers to a corporation that taxes owners separately while a basic infrastructure of shareholders, officers, and employees operate. Here your assets are safe. The rules for naming your C Corporation in New Mexico include:
On the other hand, your informal business may be one of the following types:1. Sole Proprietorship
It is probably the simplest business type; this informal business structure does not provide personal asset protection. Also known as individual entrepreneurship or sole trader, only one person owns and runs this business.
The one basic rule of naming your proprietorship in New Mexico is that it must function under the owner's surname.2. General Partnership
This structure of business consists of two or more owners. Here you do not have personal assets protection. However, you have unlimited personal liability for debts and obligations.
New Mexico general partnership naming rules state that your business name must include the surnames of all owners.3. S Corporation
An S corporation is more of a tax classification. Your L.L.C. or corporation may be an S corporation. Depending on which business structure (L.L.C. or C corp.) you choose, you'll have to follow their naming rules.
Now that you know all the rules for naming your business, it's time to come with the perfect brandable name. For this, you need to:Choose A Good Brand Strategy
Moreover, if you want to use multiple brand names, you'll have to file for various D.B.A.s.
A good idea for coming to the perfect business name is brainstorming for at least half an hour. You should keep a paper and pencil or a document open and note down potential names here. A couple of great ways to brainstorm are:
When naming your business, there are certain things that will connect you with your targeted audience. And particular things you will want to avoid.
The last part of naming your business includes ensuring your name is unique on a legal level. There's a chance your desired name may already be in use. In these instances, you'll have to come up with a new name.
If you chose an L.L.C. or corporation business structure, you'd have to conduct a New Mexico Secretary of State search. You can do this on the New Mexico website. It is to ensure your name isn't confusingly similar to another business.
Furthermore, if you choose an informal business structure, you won't have to conduct a state-level search. However, if you add a domain name to your business name, you should make sure it isn't already taken.
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