This pamphlet provides an overview of fictitious name or DBA registration. Topics covered include legal requirements and procedures, advantages of a fictitious name, filing requirements, and tips on choosing a name.
Guam USLegal Pamphlet on Doing Business As DBA Filing or Registration
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US-PMPH-15
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How to fill out USLegal Pamphlet On Doing Business As DBA Filing Or Registration?
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FAQ
The main benefit of filing a DBA registration is it will keep you in compliance with the law. For sole proprietors, a DBA lets them use a typical business name without creating a formal legal entity (i.e. corporation or LLC).
DBA is an acronym for doing business as. It has a few other names or synonyms: assumed name, assumed business name, trade name, fictitious name, or false name. You may see it with or without dots, slashes, uppercase or lowercase: dba, d.b.a., d/b/a.
The Pros and Cons of DBAsIncreased Flexibility.Privacy Protection.Targeted Branding.Easy Legal Compliance.Fewer Tax Benefits.Fewer Liability Protections.No Exclusive Rights to the Business Name.Maintenance.
The proper way to write your Legal name for DBA is to write your doing business as name exactly the way you register it at the Secretary of State. For example, if John H. Doe is a sole proprietor and he wants to open a barber shop under the name Precision Barber Shop, he can register the name with his State.
All earnings made from your DBA will still appear on your personal return and will be subject to regular income taxes and self-employment taxes. Self-employment taxes are where sole proprietors get hit the hardest. That's because they need to pay 15.3% taxes on all net business income before deductions.
DBA DownsidesLack of Naming Rights: Using a DBA does not give you official rights to your business name.Lack of Legal Protections: Using a DBA also does not give you the same legal protections and limited liability as an LLC or other corporate structure.
No, a DBA is not a legal entity. If you register a DBA without first forming some type of legal entity, your state will automatically recognize your business as a sole proprietorship.
A DBA can be filed in order for a company to transact business under the company's domain name. This is especially helpful when your company name is not available as a domain name. For example, you may want to operate another business or website in addition to your existing one.
Insert "doing business as" or the acronym "dba" after the company's legal name followed by the dba.
Generally, a DBA is less costly to maintain, but an LLC offers better benefits and protection. Expanding and selling a business, as well as generating funding, is also easier with an LLC. Also, a business owner does not receive personal liability protection from a DBA.