Changing a corporation’s name is a common occurrence in the business world. Whether it’s because of a rebranding effort or a desire to reflect a new direction, changing your corporation’s name can be a straightforward process if you follow the proper steps. In this blog post, we will discuss the process of changing your corporation’s name, with a focus on Ontario and Toronto.
Why Change Your Corporation’s Name?
There are several reasons why a corporation may choose to change its name, including:
- Rebranding: A corporation may change its name as part of a rebranding effort to reflect a new direction or image.
- Mergers and Acquisitions: If a corporation merges with or acquires another corporation, it may need to change its name to reflect the new entity.
- Legal Reasons: A corporation may be required to change its name if it infringes on the trademark or intellectual property rights of another company.
The Process of Changing Your Corporation’s Name
Changing your corporation’s name in Ontario and Toronto involves several steps, including:
- Approval of the New Name: The first step in changing your corporation’s name is to choose a new name and ensure that it is available. The new name must be approved by the board of directors and must not be too similar to the name of another corporation. You can search for existing corporation names on the Ontario government’s website.
- Filing Articles of Amendment: Once the new name has been approved, you must file Articles of Amendment with the Ontario government. These articles must include the new name, the date of the resolution approving the name change, and the corporation’s registration number.
- Updating Corporate Records: Once the name change has been approved and the Articles of Amendment have been filed, you must update all of your corporate records, including your corporate seal, letterhead, and bank accounts. You will also need to notify all of your suppliers, customers, and other stakeholders of the name change.
- Filing Annual Returns: Finally, you must ensure that you file your annual returns under the new name, as the Ontario government requires all corporations to file annual returns to maintain their active status.
Conclusion
Changing your corporation’s name in Ontario and Toronto can be a straightforward process if you follow the proper steps. Choosing a new name, filing Articles of Amendment, and updating your corporate records are essential steps to ensure a smooth transition. If you’re unsure about the process or have any questions, it’s important to seek legal advice to ensure that you comply with all the legal requirements. With the right guidance, you can successfully change your corporation’s name and move forward with confidence.