January 27, 2021
Q.: I recently started a limited liability company but have not purchased a company with it yet. I also haven’t set up any credit accounts or bank account for it. My goal is to establish good business credit, which may in part assist me in purchasing a business. Would undergoing a business name change for LLC affect any potential business credit? If so, should I just start a new LLC? What are the positives and negatives to a business name change? A.: Any time you form a new company, you are, essentially, starting from scratch in building up the business credit associated with that company. If you don’t have a bank account or any other credit accounts associated with that new company, it will be very hard for you to develop any showing of credit-worthiness. In addition, if your goal is to build up business credit in one entity, forming a new one would seem counterproductive, as you’d only have to start all over again with that new entity. The name of the company…
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