How Do I Sign Delaware Banking Work Order

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- [Relater] Coming up with a business name is one of the most important steps in forming a business. Your name affects your branding and your image as a company. Let's get you started on the right path to picking a solid business name in Delaware. Delaware's an excellent place to start a business, with a strong culture of entrepreneurship and some of the lowest business costs and tax burdens in the country. Every state has slightly different requirements for naming a business, follow along closely to learn the required steps for naming your business in the state of Delaware. In this video we will go over: How to name your business based on your business structure. Branding and brainstorming business names, and how to check your names availability. Be sure to ask yourself the seven essential questions we provide before you make this critical business decision. (upbeat music) One, choose a business structure. You'll need to determine your company's business structure before deciding a name, as different business structures have different naming requirements. There are formal business structures like llc's and corporations, and informal business structures like sole proprietorship and general partnerships. In this first section, we'll talk about the naming requirements of each. Informal business structures. If you are operating under a sole proprietorship, your company must operate under the surname of the owner. In order to use a different name, the owner must file a DBA or doing business as, also known as an assumed name, fictitious name, or trade name. General partnerships are similar to sole proprietorship with the difference being that partnerships consist of two or more people. Here are some state-specific requirements for Delaware general partnerships. Your name may contain the name of a partner and may contain the following words, or their abbreviations: Company, Association, Club, Foundation, Fund, Institute, Society, Union, Syndicate, and Trust. Your name cannot contain the word "bank", or any variation, unless the company is authorized as a bank. However, the word "bank", or any variation, can be used in a context that clearly doesn't refer to a banking business or mislead the public about the nature of the business. An example of acceptable use would be Bank Shot Basketball G.P. A general partnerships name must consist of the surnames of all the partners. Like a sole proprietorship, if you want to operate under a different name, you need to file for a DBA. LLC or limited liability companies. If your company is an LLC, your name must include the phrase limited liability company, or one of its abbreviations, LLC or L.L.C., with a period in between each letter. Restricted words such as Bank, Attorney, Law Office, etc, may require additional paperwork and may also need a licensed professional to be part of the LLC. Your name cannot include words that could confuse your LLC with a government agency, such as FBI, Treasury or State Department. Here are some state-specific requirements for Delaware LLC's. Your name cannot contain the word "bank", or any variation unless the company is authorized as a bank by the state. However, the word "bank", or any variation, can be used if the context clearly doesn't refer to a banking business or mislead the public about the nature of the business. An example of acceptable use would be Bank Shot Basketball LLC. Corporations, here are some state-specific requirements for Delaware Corporations. If your business is a Corporation, or a C-Corp, your name must include one of the following words, or their abbreviations: association, company, corporation, club, foundation, fund, incorporated, institute, society, union, syndicate, or limited. Words, or their abbreviations, of similar meaning in other countries or jurisdictions, as long as they are written with roman characters or letters, are also accepted. Your name cannot contain the words "bank", or any variation, or "trust", unless the company is authorized as a bank. However, the word "bank", or any variation, can be used in a context that clearly doesn't refer to a banking business or mislead the public about the nature of the business. An example of acceptable use would be Bank Shot Basketball Incorporated. When choosing your business structure, you may hear the term S-Corp, which isn't actually a business structure, but a type of tax structure used by an LLC or Corporation. If your business is taxed as a S-Corp, follow Delaware's naming requirements for the business structure you chose. For all business structures, your name must be distinguishable from other existing business in Delaware. A couple examples of name's not being distinguishable would be Auto Store Inc. versus Auto Store LLC. The only difference in the name is the business structure. Changing the words "The", "An", or "A" in front of your business name does not make it distinguishable. For example, The Auto Store Inc., Auto Store Inc. and An Auto Store Inc., are not distinguishable from each other. Using an ampersand instead of "and" or vice versa, such as Smith and Smith is not different enough from Smith and Smith using and ampersand. Your business name can't have words that sound identical to another business with a different spelling. Boys Inc with an S and Boyz Inc with a Z are not distinguishable. Two, branding and brainstorming. When picking your business name, you'll also want to consider whether your legal business name will be your brand name or if you will have a separate brand name. Your legal name is what is listed on your formation documents. This includes words required based on your business structure, such as LLC, Corp, or company. Your brand name is the name you use to market your company and the name that clients and customers see and use. When deciding what to name your business, decide on your branding strategy using these three options. Do you want your businesses legal name to also be your brand name? Such as Tiffany and Co. Do you want your legal business name to be different from your brand name? Hewlett Packard is HP. Do you want to have a legal business name and several different brand names? Gap Inc. is their legal business name but their brand names are Gap, Old Navy, and Banana Republic. While you're thinking about how to brand your business, start brainstorming some business names. You should start by brainstorming at least four to five potential names. The goal is to come up with a few catchy and creative names, then check to see if they are available. A good brainstorming session should last 15 to 45 minutes and it's important that you're comfortable. Think snacks, water, a comfy place to sit and your favorite pen. Use a timer and don't stop till it goes off. If you need more time, take a 15 minute break, walk around a bit, grab some more water, and start again. After doing some brainstorming and coming up with a list of a few business names to choose from, ask yourself these questions to help pick a name or refine some of the names you have. Is my name simple, and shorter rather than longer? A simple name will be easier to remember, easier to talk about and easier to write. You can avoid some hassle by having a simple and short name. Shorter business names are easier to remember and generally simpler than long business names. If your business name is too long, there's a possibility that your clients call you by a nickname that you have no control over and doesn't do your business any favors. How does the name sound out loud when I say it? Don't just read the name, actually say it out loud. Say your name slow, fast, and with a different emphasis to make sure it doesn't end up sounding like something else. Is it easy to pronounce, spell, and does the acronym look okay? Along the same lines as having a simple name, a business name will be more memorable if it's easy to pronounce and spell. Another important thing to keep in mind, is that the acronym of your business ends up spelling something. You don't want to choose a name for your business only to find out the first letter of each word spells out flop. Did I include a geographical location in my name? By including a location in your name, you may limit your business and growth potential. Customers in other states may not consider contacting you if they think you are only trying to do business in a specific location. How does the name compare to other business in the industry? Look at your potential competitors names. Does there seem to be a format that other businesses in the industry follow when naming their businesses? Does your name stand out in a bad way? You want a name that's unique and grabs attention, but not one that will make you seem unprofessional compared to other companies. Did I avoid trends? Naming your business based on trends might give you a small boost in initial customers, but you'll end up dating your business when the trend fades away. What may be a funny joke or reference at the time will fade away and no one will understand. Is my name memorable or is it too narrow or literal? Although you want a simple name and one that describes your businesses mission, you don't want one so unoriginal that it won't stand out in the crowd. You want to convey your niche or your uniqueness and your name is a great place to do that. Three, complete name searches. Once you've narrowed down to just a few names, you'll want to check to make sure the names are available. The first and most important search is Delaware's business database. If the name is not available, you'll have to adjust your name or use a different one. We provide instructions to search your business name in Delaware on howtostartanllc.com, linked below. Searching is free, to learn more, visit Delaware naming guides, linked in the description below. After confirming your name is available in Delaware, we recommend doing a domain search to see if your name is available as a URL. Even if you don't plan on making a website today, we recommend buying your domain in order to prevent others from acquiring it. Next, do a quick search on the U.S. Trademark electronic search system and see whether someone has already trademarked your name. Once you know the name is available, you can choose to apply for a trademark for your business, but the cost is between 225 and 600 dollars, which may be more than you want to pay for a startup. Naming your business can be one of the most important and one of the most fun steps in starting your business. When deciding on your business name, you'll want to first determine your businesses structure to make sure you are following all naming requirements of your business type. You'll also want to check the naming requirements that are specific to Delaware. Think about your branding, how your name will affect your brand, and if you want to have a separate brand name from your businesses legal name. After brainstorming some ideas, you'll want to check and see if they are available in your state and do a quick web search to see if they are available as a web domain. Once you've searched on the state level and online, look to see if any of your brainstormed ideas are trademarked. Now you know all the steps to name your business. For a more detailed guide, visit our website at howtostartanllc.com Give the video a like if you found it useful and subscribe if you'd like to see more, and if you have questions or encounter any roadblocks, leave a comment below. Good luck in starting your small business. (upbeat music)