How to Start a Tennessee Business – Part One
Today’s entry is by our business attorney, Gaylord Gardner. We have begun a series on how to set up a Tennessee Business.
How to Set Up a Tennessee Business – Step One
Are you trying to get a business started? Are you unsure regarding how to get started? You are not alone. The task of starting a new company can be so daunting to many potential business owners that they never even get started.
Over the next few weeks, I will be providing potential business owners with a series of blog entries covering the basic steps of setting up a Tennessee business. These steps will simplify the process and give new business owners a checklist of objectives to complete with the assistance of their service professionals. This list is intended to help facilitate the proper discussions between a new business owner and the owner’s advisors and will not be a complete list of steps for setting up a business.
Step 1 – Selecting a Business Name
While it seems like common sense that a business name is important, it is easy for a new business owner to overlook the importance of a name. A business name is often the first image projected to a potential customer. Pick a name that projects the wrong image and the business could be doomed from the start. An example of this mistake is a Chinese restaurant that chooses a business name which may have an inappropriate connotation in English (The Crusty Wok). Another example is a service business that uses surnames in the business name which may have a secondary meaning, such Kahn and Crook, CPAs.
Just as important as projecting the right image, it is important that the chosen name not be already in use by a competitor. A trademark lawsuit is not the best way to get a business off the ground. A search on the Tennessee’s Secretary of State website for registered organizations and state trademark registrations can help a new business owner eliminate names that are already in use in Tennessee. The Tennessee Secretary of State’s website can be found at: http://www.state.tn.us/sos/. Furthermore, don’t forget to search for similar business names on a search engine such as Google.
For a more extensive name search, an attorney with trademark experience can help.
Next week’s blog entry will cover Step 2 – Setting up a Business Entity.
Lawyers from the ICS Law Group—and their guests—publish articles of interest for business owners and successful individuals on a regular basis. If you want advice you can rely on in your situation, please hire a competent professional.