Picking a LLC name can prove to be a daunting task. Many clients draw a blank when they have to figure out what they want to name the LLC their IRA will own. This post will give you some pointers to keep in mind about coming up with a name for the LLC.
First, let’s deal with words you do not want to appear in the name. Each State has certain laws that prohibit you from using banking or insurance terms without approval. Terms such as:
Bank
Banking
Banc
Insurance
Trust
Guaranty
Also, its important that your LLC name does not conflict with a name or phrase that has been trademarked, such as:
Coca-Cola
Pepsi
Abercrombie & Fitch
Google
Terms that conflict with the fact that this is a LLC are not allowable either. For example, you cannot use Corporation or Partnership in the name, because it gives the impression that this is something other than a LLC.
We also don’t suggest you use your name or words like IRA or Retirement, as that can be confusing to banks.
Now that we have that out of the way, let’s talk about what you should be thinking when you name the LLC.
First, the name must be distinguishable. That means it cannot be exactly the same or deceptively similar to an existing name on the State’s public record. Stop and think for a minute about all the LLCs that have been formed in any given State, and you’ll understand why the name ABC Holdings, LLC is a bad choice, because its more than likely taken, or is too close to an existing name. So here are a few more tips to keep in mind:
Avoid using numbers in your LLC name choices such as 54 Holdings, LLC or Fifty Four Holdings, LLC
Names that begin with a series of letters (such as your initials) such as JTT Holdings, LLC or R.T.L. Holdings, LLC should be avoided.
Common names should be linked with unusual or uncommon names to help differentiate your LLC. For example: First Rate Holdings, LLC is a better choice as First Rate Hollywood Holdings, LLC.
Be creative. Think of something off the wall; something like Braintree Investment Co., LLC or All Hands on Deck, LLC. Something that will be different enough that there won’t be a conflict. Use a pet’s name, use a street name, think of some cool and stuffy sounding British name like Turnberry or Birkenhead. Whatever it is, make sure it is not commonplace.
Once you’ve submitted your application, we’ll run a name check with the State to see if your name choices are available.