ACRA, or the American Council for Real Estate Appraisers, is a professional organization that provides certification to, real estate appraisers. ACRA-Approved business names are those that have been verified by the organization as meeting specific standards. These standards include requiring appraisal experience and requiring the use of specific appraisal methods. As a result, businesses with ACRA-Approved business names can be more confident that their appraisal work is of high quality. Here is a guide to help How to Choose Your ACRA-Approved Singapore Business Name. Well, The name must be unique within a geographic area, and it must not be the same as an existing trade or business name.
Types of Approvals
ACRA has several types of business name approvals. These include ACRA-Approved Business Names, which are the names that have been verified by ACRA as meeting the standards for a particular type of business (e.g. vernacular, manufacturer’s name, etc.
Sole Proprietor
The business must be owned and operated by the individual who applies for the license.
Partnership
Two or more individuals are involved in the business ownership and operation. The partnership must file a formation statement with the state.
LLP: Limited Liability Company
This type of company is formed by a signed contract between two or more individuals who agree to share their profits and losses.
Company Name and Trade Mark
The business name, trade mark and other identifying information must be registered with the state before beginning operations.
Tips for Choosing an ACRA-Approved Business Name
The following tips will help you choose a business name that is appropriate for your company and meets applicable ACRA requirements.
Consider the Purpose of Your Business
There are a number of factors to consider when choosing a business name, including the purpose of your company. If you’re planning to start a small, home-based business, it may be helpful to choose a name that reflects your business’s focus. For example, if you sell handmade jewelry, it might make sense to choose something like “Handmade Gems.” On the other hand, if you’re opening an online retailer, you might want to choose a more generic name such as “Online Store.”
Consider the Public Perception of Your Business
If others recognize your business’s name, they will pay more attention to that business. Think about how you want people to perceive your company and pick a name that communicates this message.
Choose a Name That Doesn’t Confuse People
There’s nothing more frustrating than being confused by your company’s name. While some businesses use their names as trademarks, it’s not uncommon for companies to use the same name in different contexts. Avoid Duplicate or Existing Names. It’s important to avoid using the same name as another business.
How to Apply
If you are planning to start or expand a business, you will need an approved business name. ACRA (the American Council of Real Estate Agents) provides guidelines for both the registration and use of business names.
One option is to register a trading name with the state in which your business operates. However, this may not be suitable if your business intends to operate nationally or internationally.
Another option is to apply for an ACRA-approved business name. The process is straightforward and costs just $50 per name.
Choosing an ACRA-approved business name is important for any business, and choosing one that is easy to remember and spell is especially important. Once you have a few names that you like, use a name search engine or consult with an attorney.
