Bert and Philip have decided to form a partnership to operate a lawn care service. Discuss whether they should name the business and, if so, what considerations affect the name they might choose
A partnership should have a firm name in order to acquire and retain goodwill. The name selected by the partners may not be identical or deceptively similar to the name of any other existing business concern. It may contain either Bert's or Philip's name, or both. It might be a fictitious or assumed name. An assumed name statute provides that a certificate must be filed with the state showing the name under which the business is conducted and the real names and addresses of all persons conducting the business as partners or proprietors. Nearly all of the states have this statute so that interested parties, customers, creditors, etc. can find out the names of the business owners. A partnership name may not indicate to the public that the business is a corporation.
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