Q: I currently have a business in the residential construction industry. How can I use it to run a commercial company?
My residential business has the word "homes" in it but I would like to start running commercial projects that excludes the word "homes". How can I do so without getting a new LLC, insurances, etc.?
A:
It sounds like you currently have an existing LLC. If so, this is a relatively easy process.
You need to surf over to the Oklahoma Secretary of State website, and look for the Trade Name Report.
The filing of this document allows a business entity to use a name other than its "legal" name. The filing fee is $25.00.
The use of a "trade name" is very common especially by franchisees. For example, one of our local restaurants is operated by "Burrito Concepts LLC" - never heard of them? That is because their trade name is Qdoba.
Also, keep in mind that theoretically there is no limit to the number of trade names a single business entity can use. So for example, you could use additional trade names for a roofing "division", a pool and outdoor living "division", etc.
Not a legal requirement, but a practical suggestion - you may want to open a separate bank account for your commercial projects side of the business. You would still use the same tax id number. The only difference is the name printed on the checks.
Hope this helps. Let me know if you have more questions.
Reece
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