A holding company is a business entity — usually a corporation or limited liability company (LLC) — that does not engage in the buying and selling of products or services. Instead, it exists for the sole purpose of owning and controlling other businesses or investments.
When starting a new holding company, choosing the right name for the company may not be your number one concern, since getting the company properly formed and structured is more important, it should be high on your list of priorities.
The name you choose will be your company's face to the world as well as the very foundation upon which you build your brand. This is why it is a process that should not be taken lightly.
You want to choose a name that is memorable, descriptive, creative, to the point, catchy, and leaves a meaningful impression. With all of these criteria to fulfill, choosing a good name for your holding company can seem like a complicated process.
So, here are several useful tips to help you choose the ideal name for your holding company:
It can also be helpful to draw from inspiration when choosing a name for your holding company. Think of a company that you admire. How did they decide upon their business name? Can you employ the same process?
Then investigate your competition. Analyze how your competitors are naming their businesses and be sure to choose a name that is neither too similar nor too different from their business names.
Choose a name that is marketable. Remember, your company's name is its face to the world. So ask yourself, does it leave a strong impression? Is it too long? Is it easy to spell and pronounce? Can it be associated with a tagline? Does it have a theme that can be visually displayed?
Also, research the name's definition to ensure that it doesn't have an alternative meaning that could harm your reputation.
It is best to avoid using a name that binds your holding company to a specific geographical location, Decatur Investment Inc, or New York Holdings. Also, avoiding names that pigeonhole your company into a certain line of business, like Omaha Realty or Tasty Burgers.
When you file your formation documents with the state, they will check to make sure that the name you submitted is not already being used in that state. If it is not available, you’ll be required to choose a different name and file your formation documents again, often after losing your initial filing fee.
You should be able to conduct an independent name search through the Secretary of State’s website (or other relevant business registration databases) to find out if a name is available to be used.
You may also want to search the US Patent and Trademark Office's website to determine if your chosen name has been registered as trademarks. This will help you to avoid a costly trademark infringement later on.
If you have any reason to believe that your chosen business name might infringe on someone else's trademark, you should consult with a qualified intellectual property attorney. A trademark violation can be very costly and is no trifling matter.
If you plan on establishing a web presence, then It is also important to perform a search to determine if the URL is available. Acquiring the URL for your chosen business name will help eliminate confusion. You may discover that XYZ Company would make a great business name, only to find out that someone else has already registered xyzcompany.com as an URL. If so, you will need to factor in the cost to acquire the URL or choose a different business name to avoid any confusion down the line.
Choosing the right name for your new Wyoming holding company is important. Your company’s chosen business name will be the face of your business and often its first chance to make a good impression.
The name you choose for your holding company should be legal to use, competitive, marketable, and incorporate your company's core values and goals.
For more helpful advice on selecting the right name for your Wyoming holding company, contact us to speak with an experienced Wyoming business law attorney. We can help you choose a business name that gives you a leg up on your competition, from the very start.