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What You Need to Know About Fictitious Business Name
A fictitious business name which is also known as DBA, doing business as, allows a business owner to legal operate a business while using a specific name at minimal cost without having to establish a whole new business entirely. One can therefore advertise, accept payment and even receive payment under such a name. A fictitious business name will enable you as a business owner to use a business name which is different from the personal name. In case the name of your business implies that more than a single owner of the business is involved, then one might need to file for an assumed name. Businesses are needed to register their legal names in every state that they are operating in. There happens to be several reasons as to why a business may decide to go with a fictitious business name. With there being some reasons as to why one may consider filing a fictitious business name, another important thing will be the benefits that comes with this. The owner of a business registered under a fictitious name will also enjoy a number of benefits that comes with this. In this article, you are provided with some of the major benefits that comes with fictitious business names.
One of the benefits that comes with the fictitious business name includes increase privacy. For such businesses like partnership and proprietorship, filling for an assumed name will bring about some privacy. For these kinds of business structures, many states will need the owners to register their name as the legal name for the business. With the assumed name or DBA, the owner can select a professional name which will in a more accurate manner reflect what the business is doing or the services it offers. This means that there will be an additional privacy to the owner as they will have their personal name not used in the business transactions.
Another benefit that comes with assumed business name includes increased flexibility. By filling for this name, any type of business entity be it a partnership, limited liability as well as corporations will have increased flexibility to expanding to new markets. By filing for fictitious name which is not in use, the firm will be able to expand their operations in new states by using such a new name in conducting business.
Another benefit that is presented by filing for a fictitious name for a business is brand awareness. Keep in mind that there is no limit of the number of such names that a single company can register. In many cases, firms will have various divisions offering different kind of goods and services. When company undertakes this step, then they can be able to distinguish all the divisions by ensuring that they have picked name which will reflect the services or even goods offered by the division. These are just but some of the benefits that comes with taking such step in your business. However, to ensuring that the whole process is one in the proper way, find the right service provider.
Categories: Auto & Motor