Choosing a Name
For most businesses, their business name is an important part of who they are as an organization. It's worth spending some time and energy now in choosing the right name, because a good business name can pay off in the future.
- In choosing a name, bear in mind that a good business name...
- Is easy to pronounce and spell
- Is easy for your customers to remember
- Sets you apart from your competitors
- Is available (either exactly or in a slightly different form) to be registered as a domain name
- Does not interfere with the trademark rights of others
- Is distinctive enough to establish trademark rights for your business
The attorneys at Elliott & Davis can help you in choosing your business name. In particular, we are prepared to help you make sure your name is available for use and for registration as a domain name.
Protecting Your Name
Once you have found a business name that is right for you, the attorneys at Elliott & Davis are prepared to help you protect your valuable trademarks and service marks in a variety of ways- from state and federal trademark registration to domain name disputes with ICANN.
Choosing a Business Structure
There are many considerations involved in finding the business structure that is right for you. The attorneys at Elliott & Davis have experience working with a variety of different business entities, including: S-corporations, C-corporations, Limited Liability Companies (LLCs), Partnerships, Professional Corporations, and Not-for-Profit Corporations.
It is important to contact an attorney before you choose your business structure. The knowledgeable and caring attorneys at Elliott & Davis can help you find the business structure that's just right for you.
Here is a list of some different business entities and their distinguishing features:
C-Corporation.
One of the major benefits of this form is limited liability. Although it is a separate taxable entity, a C-Corp is especially beneficial in that it enables the business to sell shares of stock to raise capital. The C-Corp is also subject to more formalities (such as annual reports, minutes and meetings) in order to maintain corporate status.
S-Corporation.
Like C-Corps, S-Corps also enjoy limited liability. Unlike the C-Corp, the S-Corp is not as separate taxable entity. This means that instead of paying corporate income tax in addition to personal income tax, the owners of the S-corporation only have to pay personal income tax.
Limited Liability Company (LLC).
The LLC is one of the most flexible corporate entities. Like corporations, LLCs enjoy limited liability. Like S-Corps, they are entitled to "pass through" taxation. The LLC is particularly attractive because it is subject to even fewer formalities than the C-Corp or the S-Corp.
Partnerships.
A partnership is simply a business association of two or more individuals. Unlike a corporation or an LLC, to form a general partnership, there is no filing requirement with the state, although it is still important to contact a lawyer for help in drafting a partnership agreement and various contracts. A limited partnership is different from a general partnership in that it allows for limited partners to invest in the partnership while still enjoying limited liability. Filing with the state is required in order to form a limited partnership.
Professional Corporations.
A business engaged in professional services such as medicine, law, dentistry, or architecture may want to organize as a professional corporation. In a professional corporation, owners have no personal liability for malpractice of other owners. However, owners still have liability for own acts of malpractice.
Not-for-Profit Corporation.
Charitable organizations may want to incorporate as a nonprofit corporation. Full tax advantages at the federal, state, and local levels are available only to groups organized for charitable, scientific, educational, literary or religious purposes. Further, any contributions to charitable corporation are tax-deductible.
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