DBA is short for “Doing Business As”, some states use Trading As shortened to T/A similar to the UK. It is also commonly known as an assumed name or fictitious name, these have to be registered with the county clerk or secretary of state.

A DBA is a name that is usually given to a business that you don’t want to incorporate just yet or you are sole proprietor who wants to give your business a name but don’t want it to be your legal personal name. For example you can have Peter Muller DBA PM Retail Fittings or something similar. This way you can hold a bank account in your business name and pay money in and out of this account that relate to your business only and keep your personal finances separate.

WHY GET A DBA?

Well you can’t legally trade under any other name other than your legal name or open bank accounts, take out loans etc. So you either use your personal name, which I wouldn’t want to just to give you a little privacy or incorporate your business.

BENEFITS OF DBA

It is so easy and simple to do, why not just get it done. You can concentrate on creating your business rather having to carry out mountains of paperwork for an incorporated business and it keeps your start up cost to a minimum. This saving can be used to register a Doing Business As name and build your thriving business. Incorporation can always be done later on.

You can also start establishing a brand with a DBA name, which can continue when you do decide to incorporate, which may influence what name you give your business from the start. Remember you can keep your Doing Business As name even when you do incorporate.

ALTERNATIVE TO A DBA

You can opt to become incorporated which affords you the protection of not being personally liable for debts this is usually the most compelling reason why people choose to be incorporated.

It is seen as a separate entity and usually do not associate a human face behind an incorporated company.

HOW DO YOU GET A DBA?

Some states require you to register a Doing Business As name, other states do not require it to be registered but is accepted practice that it is registered and some states do not require you register if you are a sole proprietor or general partnership confused? You will be! Although registering a Doing Business As name is quick and straight forward, you need to know each county’s and state’s requirements.

You should carry out a name search so that you have a unique name, as some states will let you register anything even if there is a business with an identical name. This will benefit you if you have wanted to create a brand for your business. You can do these searches with the secretary of state or county clerk.

Check whether you are required to put your Doing Business As name in a local publication notifying the public of your name.

Better still why don’t you get someone else to do it for you, there are businesses that will do it for you for just a $100. Click here check out the prices here Legal Documents @ Lawyer-Free Prices

Related posts

• Incorporating My Business Do I Need an Attorney? (0)
• Changing to Maiden Name After Divorce? (0)
• Changing my birth name? (0)

The process of forming a partnership is quite simple. It is the agreements between the partners that are often complex and time consuming. A partnership is defined as two or more people who must associate together to: carry on a business as co-owners, and to share it’s profits. If the intentions do not meet these requirements than a partnership has not been made. Therefore, it is not necessary for the agreement to be in writing or even expressed verbally for the the business to be called a partnership. When a court looks at the intentions of the parties, it looks like there is an implication of forming a partnership then the business will be qualified as a partnership for legal reasons.

Usually, if the business has instructed a lawyer at sometime during formation, the parties could have been strongly advised to create a Partnership Agreement. When parties are going into business together the do not think it is necessary to have an agreement as they already agree on how the business should be run, the profits shared, the contributions to be made and where the business should be in the future. The problems arise in the future and that is where the partnership agreement is an invaluable tool, as it will be first thing that your lawyer will ask for and base his case on. This stops the “he said she said” problem as inevitable over time, what was discussed initially becomes forgotten or misinterpreted at the time and escalates to a court case.

There are three types of partnership agreements that you can have:

1.  General Partnership
A general partnership is a business entity in which the partners own the business assets together. Unless a partnership agreement states otherwise, business profits and losses are shared by the partners equally, and each general partner has an equal right to participate in management and control of the business. It will be more common for the a partnership agreement provide for the manner in which profits and losses are to be shared.

2.  Limited Partnership

This business entity is exactly the same as a general partnership however one or more general partners manage the business while “limited” partners provide capital and share in the profits but take no part in running the business. In a limited partnership there must be at least one general partner who has unlimited personal liability.

This situation is very similar to an incorporated business, the shareholders are the investors and the directors are the general partners.

3.  Limited Liability Partnership

Limited liability partnership is a business structure that allows businesses to operate and function as a partnership while giving it the status of a separate legal person. LLP will be regarded in law as “bodies corporate” which is formed by being registered. Legal Documents @ Lawyer-Free Prices
Click here now.

Related posts

• When to Use Limited Liability Partnership? (0)
• Written Limited Liability Partnership Agreement? (0)
• How is an LLP Taxed? (0)
• Any Special Provisions for Limited Liability Partnership? (0)
• Advantages of LLP – Limited Liability (0)