A fictitious business statement is the one filed to legally do business under a name that is not legally your own or is different from your legally registered business name.
It is also commonly known as a Doing Business Statement or DBA statement, and is registered with the State authorities.
The one exception when you have to file a fictitious business statement while using your name is, if your business is a sole proprietorship.
The Filing Process: The process of obtaining a DBA and the name you can use varies from state to state.
Filing for a DBA is very simple and not at all expensive.
Generally, the following are applicable: oA name check to ensure that there is only one business with that name.
You must search through a database to make sure that the name is not already being used.
However, the filing does not guarantee that other companies cannot use the name.
oRules for the name you can use also vary amongst states.
Typically, you can use either your name or apart of it or the services you provide.
oA form has to be filed with a fee that ranges from$10 to$50.
The forms are mostly available online, while in some cases a more involved process is necessary.
oPublication of the fictitious name in a local newspaper.
oThe majority of banks also require registration of a fictitious business statement before they allow transactions.
Benefits of a DBA: Registering a DBA confers a host of benefits that will assist you in running your business.
Besides being a legal requirement, it can also lead to substantial cost savings.
Some major benefits available to you after filing are: oThe DBA allows you the use of a typical business name without the need of an official business formation like Limited Liability Corporation.
oYou can use the name legally in your business phone listing, stationery, sales advertising and contracts.
It gives you legal sanction to represent yourself under a fictitious name.
The filing process also notifies other businesses that you have used a particular name for your business.
oYou may also opt to operate a single business concern under more than one name without setting up separate businesses.
This results in substantial cost savings as opposed to filing and maintaining one business at a time.
Filing for a fictitious business statement is a fairly simple and inexpensive process.
A DBA confers a host of benefits for the business and can be a viable branding tool at minimal costs.
It is also commonly known as a Doing Business Statement or DBA statement, and is registered with the State authorities.
The one exception when you have to file a fictitious business statement while using your name is, if your business is a sole proprietorship.
The Filing Process: The process of obtaining a DBA and the name you can use varies from state to state.
Filing for a DBA is very simple and not at all expensive.
Generally, the following are applicable: oA name check to ensure that there is only one business with that name.
You must search through a database to make sure that the name is not already being used.
However, the filing does not guarantee that other companies cannot use the name.
oRules for the name you can use also vary amongst states.
Typically, you can use either your name or apart of it or the services you provide.
oA form has to be filed with a fee that ranges from$10 to$50.
The forms are mostly available online, while in some cases a more involved process is necessary.
oPublication of the fictitious name in a local newspaper.
oThe majority of banks also require registration of a fictitious business statement before they allow transactions.
Benefits of a DBA: Registering a DBA confers a host of benefits that will assist you in running your business.
Besides being a legal requirement, it can also lead to substantial cost savings.
Some major benefits available to you after filing are: oThe DBA allows you the use of a typical business name without the need of an official business formation like Limited Liability Corporation.
oYou can use the name legally in your business phone listing, stationery, sales advertising and contracts.
It gives you legal sanction to represent yourself under a fictitious name.
The filing process also notifies other businesses that you have used a particular name for your business.
oYou may also opt to operate a single business concern under more than one name without setting up separate businesses.
This results in substantial cost savings as opposed to filing and maintaining one business at a time.
Filing for a fictitious business statement is a fairly simple and inexpensive process.
A DBA confers a host of benefits for the business and can be a viable branding tool at minimal costs.
SHARE
