What is an Assumed Name?
An assumed name, sometimes called a fictitious name, is a feature of some state corporation laws that allows a corporation to operate under more than one name. For the details on the mechanics of this option, ask the state corporations division. This can be quite convenient to the small business person who sells different products but does not wish to have several corporations. Many people initially name the corporation their last name like Jones, Inc. They might then name their different companies to be more descriptive of separate product lines, like Quantum Computers, Inc., and Standard Computer Software Corporation. All of these would simply be different names, or aliases for the same corporation, that has only one set of books, and the same shareholders.
(back to top) An assumed name, sometimes called a fictitious name, is a feature of some state corporation laws that allows a corporation to operate under more than one name. For the details on the mechanics of this option, ask the state corporations division. This can be quite convenient to the small business person who sells different products but does not wish to have several corporations. Many people initially name the corporation their last name like Jones, Inc. They might then name their different companies to be more descriptive of separate product lines, like Quantum Computers, Inc., and Standard Computer Software Corporation. All of these would simply be different names, or aliases for the same corporation that has only one set of books, and the same shareholders.
An assumed name is a name that a business uses to identify itself that is different from its true corporate name. (For example: Very Good Corporation, Inc. may also have an assumed name of VGC, Inc.) Any business entity on file with the Secretary of State must file for authorization to use an assumed name unless that name is always used in conjunction with its corporate name. If the name of a corporation is changed in any way from its original filing, this change must be filed with the Secretary of State. What does it mean when a corporation dissolves? If a corporation decides that it no longer wants to remain in business, it must file dissolution papers with the Office of the Secretary of State. When a corporation dissolves it can no longer do business and must wind up its affairs and distribute its assets appropriately. Other Common Business Organizations Sole Proprietorship – A business owned and controlled exclusively by one person. This person is responsible for the business, incl
