In addition to its legal name, a firm may also use a DBA, which is a registered trade name. It is sometimes referred to as a trade name, assumed name, or fictitious name. A DBA is not a company or limited liability company (LLC), which are examples of legal entities. It’s merely a method for a company to conduct business under a name other than its legal name.
Can DBA have more than one owner now? Yes, it is the answer. Multiple people can hold a DBA, but it’s crucial to remember that a DBA does not give its owners any legal protection. A DBA’s proprietors are solely responsible for any debts or legal problems that the business may incur.
Another frequently asked topic is whether a DBA and an ABN (Australian Business Number) are the same thing. No, is the response. An ABN is a distinct 11-digit number that serves as your company’s identification to the government and the public. You must register for GST (Goods and Services Tax) and have an ABN for tax purposes. In contrast, a DBA is a trade name that is registered and that you use in addition to your legal name.
What is a company’s official name? The name that is registered with the state or territory where the business is located is its legal name. This is the name that is listed on contracts and licenses, among other official papers. Your legal name is your given name if you are a lone proprietor. Your legal name is the name of the company or LLC under which your business is registered if you have done so. Do you need to use your full legal name? No, you are not required to use your legal name as the name of your firm. If it is not being used by another company, you are free to adopt a new name for your DBA. However, if you decide to use a different name, you must file a DBA name registration form.
Is it possible to modify a registered business name? A registered business name may indeed be modified. If you want to alter the name of your company, you must register a new DBA name and inform the appropriate government agencies of the change. Your company’s licenses, permits, and tax registrations might also need to be updated.
A DBA can have several owners, but it does not give those owners any legal protection. The legal name of a business is the name that is registered with the state or territory; a DBA is not the same as an ABN. You are not required to use your legal name as your business name, but if you do, you must file a DBA name registration form. You can alter a registered business name, but you must inform the appropriate government agencies of the change.