Now that I've changed my name, what do I do with my business?

Question

I own my own small company and I've recently got married and changed my last name. What do I need to to as a business / corporation now that I have a different last name?

Answer 1

I assume your a small non public privately owned corp? Just cancel your stock certificate and issue yourself another one in the name you choose, if you want. The stock certificate is evidence of ownership, nothing changes except your new name. Check your by-laws for the procedure and the other shareholders involvement. Chances are there is none. You need to document this in the coporate stockholders ledger.

Answer 2

The only time the issue will come up would be if you sell your stock in the company. At that time, the purchaser might require you to sign an affidavit which gives your prior name and says that you are one in the same person and that your name changed due to marriage.

You may want to retitle your stock as joint with right of survivorship to add your spouse in order to avoid probate, depending on the state. If you are the one calling the shots, I would probably not do that. Instead, you might want to set up a revocable living trust to hold the shares. It avoids probate and gets the shares to whomever you so desire at your death.