- [Instructor] 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 New Jersey.
New Jersey is a great place to start a business,
it has a highly educated population and ranks
third in fastest startup growth 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 New Jersey.
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.
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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're 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 the partnerships
consist of two or more people.
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 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 can not 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 New Jersey LLCs.
You need approval to include any of the following
restricted words in your LLC's name,
bank, banker, banking, blind,
cemetery, citius,
con-con, DBA, e-com, express mail, handicapped,
little league, mail, olympiad, olympia, olympian,
altius fortius, olympic, olympus,
realtor, trust, United States Olympic Committee,
urban renewal insurance, zip code and USPS.
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's some state specific requirements
for New Jersey corporations.
Your name cannot imply that the corporation
is organized for any purpose other than the one
outlined in its certificate of incorporation.
You need approval to include any of the following
restricted words in your corporation's name,
bank, banker, banking, blind,
cemetery, citius,
con-con, DBA, e-com, express mail,
handicapped, little league, mail, olympiad, olympia,
olympian, altius fortius, olympic, olympus,
realtor, trust, United States Olympic Committee,
urban renewal insurance, zip code and USPS.
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 New Jersey's naming requirements
for the business structure you chose.
For all business structures, your name must
be distinguishable from other existing
businesses in New Jersey.
A couple examples of names 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 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 Boys 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 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 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 wanna 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're only trying
to do business in a specific location.
How does the name compare to other businesses
in the industry?
Look at your potential competitor's 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 seen 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 New Jersey'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 New Jersey
on howtostartanllc.com, link below.
Searching is free.
To learn more visit New Jersey Naming Guides
it's linked in the description below.
After confirming your name is available in New Jersey,
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're following all naming requirements
of your business type.
You'll also want to check the naming requirements
that are specific to New Jersey.
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 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.
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