Adopting a new name can manifest a host of new compliance challenges for businesses to address
Selecting a name is one of the first and most important decision that a fledgling corporations or LLC faces – and it’s possible they’ll have to make it more than once. A recent installment of Wolters Kluwer CT Corporation’s Expert Insights podcast reviews the many intricate steps that businesses must undertake before executing a successful name change, a complex process that often spans multiple state and federal agencies.
Sandra Feldman, Corporate Attorney at Wolters Kluwer CT Corporation, explains that it’s not unusual for a corporation or LLC to undergo at least one name change over the course of its lifetime. A business might be rechristened to denote new ownership, mirror product line changes, or signal a new direction for the company to boost investor confidence. But prior to issuing a press release or updating any marketing materials, companies interested in changing names should review the LLC or corporation laws governing the state in which they were formed. Some states, for example, maintain a regularly updated list of words or phrases that can’t be used in a name. Once a new moniker is approved, corporations will also have to file the appropriate updates with any foreign states in which they do business.
“If the compliance obligations associated with executing a successful name change seem overwhelming, it may be beneficial to seek the assistance of a trusted partner,” Feldman said. “CT Corporation can assist clients with navigating many of the administrative and regulatory hurdles involved, from checking and reserving a name, to filing the appropriate documents various government agencies.”
The CT Expert Insights podcasts offers regular advice, tips and tools for growing a business directly from the experts at Wolters Kluwer CT Corporation. Previous topics include how to manage business licensing obligations, strategies for incorporation and the expanding regulatory compliance landscape.
For nearly 130 years, Wolters Kluwer CT Corporation has been the leading provider of registered agent services, incorporation services, and legal entity compliance. It is part of Wolters Kluwer’s Governance, Risk & Compliance (GRC) division and has a global reach into over 150 countries. More than 75 percent of Fortune 500 companies, 95 percent of AmLaw 100 law firms, and 350,000 small businesses trust CT Corporation to handle their compliance needs. The other legal services business of Wolters Kluwer GRC is Wolters Kluwer ELM Solutions. The division’s banking and regulatory compliance businesses are Wolters Kluwer Compliance Solutions and Wolters Kluwer Finance, Risk & Regulatory Reporting.
About Wolters Kluwer Governance, Risk & Compliance
Governance, Risk & Compliance is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to help ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes. GRC offers a portfolio of technology-enabled expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance.
Wolters Kluwer (WKL) is a global leader in professional information, software solutions, and services for the healthcare; tax and accounting; governance, risk and compliance; and legal and regulatory sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2021 annual revenues of €4.8 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 19,800 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.
View source version on businesswire.com: https://www.businesswire.com/news/home/20221020005183/en/
Media Contacts for Wolters Kluwer GRC
(including Wolters Kluwer CT Corporation, Wolters Kluwer ELM Solutions, Wolters Kluwer Compliance Solutions and Wolters Kluwer Finance, Risk & Regulatory Reporting)
Senior Director, Global Corporate Communications: Global Marketing, Communications & Planning
Governance, Risk & Compliance Division
Office +44 20 3197 6586
Senior Specialist, Corporate Communications, Legal Services
Governance, Risk & Compliance Division