As you may know, there are naming rules (Section 204 NY limited liability company law) when it comes to choosing a name for your LLC. Most names are o.k. if not already taken by somebody else, but some terms are tricky and require special dispensation.
For example, try filing articles of organization for this LLC: "Life Exchange, LLC". You will get a nice letter from the Department of State informing you that they are unable to file this name, because it is not allowed to use "exchange" in the name of an LLC without the approval of the Attorney General. And they are right; it says here in Section 204(h) NY limited liability company law:
"The name of each limited liability company as set forth in its articles of organization [……] shall not, unless the approval of the attorney general is attached to the articles organization […….] contain the word "exchange" or any abbreviation or derivative thereof. Such approval shall not be granted by the Attorney General if in his or her opinion the use of the word "exchange" in the limited liability company’s proposed name would falsely imply that the limited liability company conducts its business at a place where trade is carried on in securities or commodities by brokers, dealers or merchants."
Is that the end of your name? No, you can go ahead, write a letter to the Attorney General and describe the business you are planning to conduct under the name "Life Exchange, LLC". I am assuming it’s some kind of life coaching, re-birthing center type of activity. If you explain it right, there should be no doubt that you are not trying to establish a New York stock exchange in your backyard and they will happily give you the approval.
Many people have successfully done it already, as you can find out by searching the New York State corporate database with the term "exchange." There are plenty of businesses using the term "exchange" that have nothing to do with trading stocks or commodities.
**This post is for informational purposes only and does not constitute legal advice**
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Over the last several years, I have tried to organize a New York Limited Liability Company. Each time I am reminded why I ultimately chose another jurisdiction. New York costs more than other state up front and over time. In addition, during the formation period the state requires that the founder take out an advertisement (newspaper) making notice of the newly created LLC – more costs, time and effort.
Is there any way to better deal with these issues?
Brian R. Callahan
New York
This is a good post which has all business news.
As a business owner with LLC’s – what exactly is the definition of limiting my liabilities for any one business? Are my personal liabilities really limited by owning/running my business in an LLC? If I have an environmental issue on my property owned through an LLC, will the EPA not come after me personally?
Brian Callahan
New York, NY
Not all crepes bloom at the same time. You probably have a later-blooming selection. Be patient. I’ll bet you have blooms by July.
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Fire is a good servant but a bad master.