Creating a new company here in Illinois or elsewhere requires numerous decisions. One of the most important is the name it will take. This aspect of business formation could prove to be one of the crucial steps leading to success.
Making this choice requires answering numerous questions regarding the business itself. What does the owner intend to accomplish? What important information about the business can the name convey to the public? Is the name easily recognizable and spoken? These and other questions could lead an Illinois entrepreneur in the search for the right name.
The sentiment that a person only gets one chance to make a good impression also applies to businesses. The name leads that effort since it is the first thing people know about the company. For this reason, it would be prudent to take time to figure out what to name a business.
Examine all of the implications of the name and obtain as many opinions as possible before making a final choice. Determine what names companies in the same industry use. This not only provides information regarding whether the intended market remember the name and associate it with a particular business, but also keeps a new company from choosing a similar or already used name.
Even though Illinois entrepreneurs should take their time choosing a name for a new company, once a choice is made, the name should be registered right away. This prevents others also engaged in business formation from taking the name first. It may also be useful to take the time to trademark the name, which provides additional protections designed to keep anyone else from using it.