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Business entity legal name. However a legal name may be a mark if the business entity uses it in commerce to identify the business entity s products or services. A business name is your business s legal name. Your own name if you re a sole trader.
These laws impact business entity name selection in two main ways. Why it s important to use the full legal name of your business entity june 28 2018 by kreis enderle one advantage of establishing a business as a limited liability company llc is that the owners are typically not held personally liable for the company s debts or court judgments assuming that company formalities are maintained. Registered business names may be distinguished by a word or phrase e g.
Citation needed there are many types of business entities defined in the legal systems of various countries. You don t have to register for a legal name for your business. Each entity including franchisees and licensees operating with a business name must register the name on the business names register.
The amount of taxes you have to pay depends on your business entity choice as does the ease with which you can get a small business loan or raise money. It is the official name of the person or entity that owns a company. The name of a partnership.
Your legal name can be different from your business name. Also called a c corporation a corporation has shareholders a board of directors and officers. Most often business entities are formed to sell a product or a service.
When a business incorporates the law recognizes the business as a distinct legal entity which can enter contracts and acquire property among other rights and privileges. A legal name identifies the business entity itself. Setting up a corporation is more complicated than setting up a sole proprietorship or partnership.
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