When you first start a business, it’s important to make sure you have a unique name for your organization to help differentiate yourself from all of your competitors. There are millions of unique businesses registered across the world, which means it can be a challenge to find that one name that is different from all of the others. The best way to avoid business name duplication is to conduct extensive research and register your company’s IRS-EIN-Tax-ID as soon as possible. Some entrepreneurs fall short on their research and end up with a business name that is similar to another big player. Here are some things to consider if this happens.
Your Industry and Specialization
Sometimes, two businesses can exist with similar names, as long as they are part of different industries. If two companies have names that sound alike, it typically won’t be a problem if they specialize in different aspects of business. This way, customers won’t get confused about either organization.
The Geographic Location of Your Company
The geographic location of your company can also make a difference in this situation. Some companies can operate under similar names if there is a large amount of distance between them. Businesses that cater to two different geographic markets usually don’t have issues if the company names are similar.
Registering Your Business
Of course, the best plan of action to help protect yourself and your business is to promptly register your business’ federal tax EIN online with IRS EIN Tax ID Filing Service. If another company comes along and attempts to register with the same name in your industry and local market, you may have the upper hand.
Get started today by checking out the process of filing for your tax ID with IRS EIN Tax ID Filing Service. You can find out how to get an EIN in Colorado or any other geographic location and start the application process for a tax ID here. Don’t let someone else take that perfect business name.