How do you pick your business name?

Question

So I was thinking, how do you pick your business name when you are creating several different businesses with many different partners?  How do you keep track of all of your finances separately as you grow?  As an early investor I have been approached to by real estate with several people all who want to be "hands off" and with 5 properties currently, I am not sure how to proceed forward?  I currently use Quicken Essentials but am looking for a better property management software, any suggestions on how to name or manage future rentals?

Bryan O. · Answer

My first business was WTF Consulting... I didn't open it to make money ;)

Domy is Polish for 'homes' so it has great meaning as I intend to hold SFR and small multi's in it. I'll probably follow a similar theme for companies assuming the Polish words aren't too wonky to pronounce!

Garrett F. · Answer

I'd not try to upgrade to corporations.  You can still manage to use/distribute shares on an LLC and if it's privately done the SEC won't be pounding on your door either

Hope it helps

Garrett

Jason Smith · Answer

Thank you all!  Sounds like great advice.  Do you think it may be beneficial to move up to a corporation and sell stock to other investors at some point or just create a new LLC for each partnership?

Linda Weygant · Answer

I picked Clue Business Services in the hopes of giving off the impression that I have a clue about business.

It also stems from a joke in a company I was working at in the early 90s where you'd be sitting in a meeting and when somebody would rattle off something in a meeting that clearly indicated they had no idea what they were talking about, you could pass them a business card with the simple word CLUE written on it.  You could make it as subtle (or not) as you wanted and it would be a clear message that the person had no clue what they were talking about and you were trying to give them one.

Sterling White · Answer

I have a very similar concept to @Brandon Ingegneriin naming it something that means something to you.

Brandon Ingegneri · Answer

I say you name it something that has some meaning to you so that you care that much more about it not failing.  If it is named after something that you want to see blossom into something, you are less likely to slack.  Its a subliminal thing, but just my sentiment.  For example, my partner and I went with Avellino because that was the village in Italy where my  Grandmother was from.  Our holding and lending company is London/Amodeo after his daughters.  Make it mean something.  Yowl work harder.

John K. · Answer

I perfer to create LLC's that make sense, ones that people remember.  Makes it easier for people to remember to pay rent.  I'd suggest avoiding opening LLC's to open LLC's as well - have a strategic plan for how to grow.  At the end of the day if you open a ton of LLC's you end up spending a lot on overhead of just filing taxes, book keeping, legal,  etc.

How do you pick your business name?

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