South Korean global firm LG, formerly known as Lucky Goldstar, has been in business for more than 70 years. When LG was first established in 1947, it was a chemical manufacturer of cosmetics, toothpaste, and other home goods. It wasn’t until the 1960s that LG began making radios, televisions, and refrigerators in the electronics sector.
LG began exporting its goods to other nations in the 1980s, expanding its market outside of Korea. In this period, the company’s name was changed from Lucky Goldstar to LG, which stands for “Lucky” and “Goldstar.” The company’s name was changed as part of a marketing strategy to position it as a major player in the electronics sector worldwide.
One of the biggest electronics manufacturers today, LG creates a variety of goods including smartphones, televisions, home appliances, and more. The business has also made large investments in fields like robotics and renewable energy.
There are a few procedures you must do if you want to change the name of your current business. You must first confirm that the name you want to adopt is available. To achieve this, contact the secretary of state’s office in your state and do a company name search. Once you have determined that the name is accessible, you must formally alter your company’s name by submitting the required papers to the state. Your company’s bylaws or articles of formation could also need to be updated.
A limited business may change its name in this regard. However, the procedure differs differently from that of a typical business. To change their name, limited businesses must adopt a special resolution and submit the required papers to businesses House. Additionally, the new name must adhere to Companies House guidelines, which state that it cannot be confusingly similar to an already-used company name.
In conclusion, LG’s decision to change its name was a calculated move that helped the business become a major participant on the international electronics scene. It is feasible to change the name of your current business, but you must follow the right procedures and make sure the new name complies with all legal requirements.