- [Narrator] 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 of the company.
Let's get you started on the right path
to picking a solid business name in Wyoming.
Wyoming is an excellent place to form a new business.
It has the lower income taxes
and the lowest corporate taxes in the nation.
Every state has slightly different requirements
for naming a business.
Follow along closely to learn the required steps
for naming a business in the state of Wyoming.
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.
(gentle piano tones)
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 LLCs and corporations,
and informal business structures,
like sole proprietorships 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 proprietorships
with the difference being that partnerships
consist of two or more people.
A general partnership's 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 attorney, law office, et cetera
may require additional paperwork
and may also need a licensed professional
to be a 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 is some state-specific requirements for Wyoming LLCs.
Your name cannot imply that the LLC is organized
for a purpose other than the one outlined
in its articles of organization.
Your name cannot contain a word or phrase
that implies the LLC is organized under
the Wyoming Business Corporation Act,
the Wyoming Statutory Close Corporation Supplement,
or the Nonprofit Corporation Act.
You must have approval from the state Division of Banking
to include any of the following words,
or words of similar meaning, bank, banker, banc, bancorp,
bancorporation, banque, banquers, banco, banca, or trust.
You must have approval from
the state Department of Education to include any
of the following words, academy, college, educate,
education, educational, institute,
institution, school, or university.
The Wyoming Secretary of State requires an additional review
of names that begin with the letter A followed by
a space or punctuation, contain special characters,
or are in a language other than English.
Corporations.
If your business is a corporation or a C-corp,
your name must include the words corporation, company,
incorporated, limited, or an abbreviation of any of these.
Here are some state-specific requirements
for Wyoming corporations.
Your name cannot imply that the corporation
is formed for any unlawful purpose
or one not outlines in its articles of incorporation.
You must have approval form the state Division of Banking
to include any of the following words,
or words of similar meaning, bank, banker, banc, bancorp,
bancorporation, banque, banquers, banco, banca, and trust.
You must have approval from
the state Department of Education to include any
of the following words, academy, college, educate,
education, educational, institute,
institution, school, or university.
The Wyoming Secretary of State requires an additional review
of names that begin with the letter A followed by
a space or punctuation, contain special characters,
or are in a language other than English.
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 an S-corp,
follow Wyoming's naming requirements
for the business structure you chose.
For all business structures,
your name must be distinguishable
from other existing businesses in Wyoming.
A couple examples of names not being distinguishable
would be Auto Store Inc. versus Auto Store LLC.
The only different in the name is the business structure.
Changing the words the, and,
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 & Smith using an 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 business's 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 'til 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 when I say it out loud?
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 if 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 businesses 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 business's mission,
you don't want one so unoriginal
that it won't stand out in a 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 Wyoming'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 Wyoming on howtostartanllc.com linked below.
Searching is free.
To learn more, visit Wyoming naming guides
linked in the description below.
After confirming your name is available in Wyoming,
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 US 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,
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 business's 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 Wyoming.
Think about your branding, how your name
will affect your brand, and if you want to have
a separate brand name from your business's legal name.
After brainstorming some ideas, you'll want to check
and see if they're 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.
(gentle music)