Can I Retain My Business Name After Dissolution?
If your company is inactive for any reason (be it business-related or personal), you may be thinking about dissolving your business. But in most states dissolving your company will quickly (if not immediately) put your business name back out on the open market, available for any new business to come in and use. To keep your business name for yourself—even if you don’t keep your business—you have some options:
Remain in Good Standing
Even though it seems counter-intuitive, keeping your business active in the state in which it was formed is the easiest way to retain your business name. This means you’ll have to file Annual Reports and keep up with general taxes and fees. But—depending on how long you plan to put your business on pause—paying the extra cost upfront might save you the hassle of having to re-brand your business down the line.
Obtain A Trademark
To make certain you are the sole owner of your business name, you could go the Trademark route. (This is certainly a good idea if your business has strong brand recognition.) Trademarks are available at the state and federal level, where it’s known as a “registered trademark.” The route you choose will depend on the scope of your business and/or whether you have plans to expand.
Trademarks can be easily obtained through your Secretary of State (or the equivalent government body in your state). If you decide to get a registered trademark, you’ll have to apply through the U.S. Patent and Trademark Office. As with many things at the federal level, wait times are longer (up to a year) and costs are higher (upwards of $500 over time)—so you’ll want to make sure you really want that business name before you make it a registered trademark.
Cross Your Fingers!
Of course, you can always dissolve your business and hope for the best. If your company doesn’t have a super recognizable name (like, say, “Nike”) or a generic name that might quickly get nabbed (like “Joe’s Pizza”), then you might be able to let it go and eventually find your old business name right where you left it.
