Your business name should be one of the first things you think about when beginning a business. You may not need to establish a fictitious business name if you are doing business as a sole proprietor or general partnership because you can use your legal name. However, you might need to register a fictitious business name, commonly known as a doing business as (DBA) name, if you are creating a S Corporation.
A type of business entity known as a S Corporation offers the advantages of both a corporation and a partnership. In addition to offering the advantages of limited liability protection, it enables business owners to avoid double taxes. You must select a distinctive name for your S Corporation that is not being used by another company in your state when you register it. You must register a fictitious business name if you intend to do business under a name other than your legitimate business name.
It’s simple and affordable to register a fictitious business name in Virginia. For a $10 cost, you can register your DBA name online with the Virginia State Corporation Commission. As an alternative, you can register your DBA name in person for $10 at the county clerk’s office where your business is located.
In Virginia, you might also need to apply for a business license in addition to registering your DBA name. The price of a business license varies according on the municipality where you conduct business. A Virginia company license typically costs between $50 and $100. Except for those who are exempt from the requirement, all businesses operating in Virginia must have business licenses.
Last but not least, you could require a contractor license if you intend to work as a contractor in Virginia. Depending on the kind of work you intend to conduct, there are different limits to how much you can accomplish without a contractor’s license. In general, you don’t need a license to perform work that costs less than $1,000. However, you will need to obtain a contractor license if you intend to perform work worth more than $1,000.
In conclusion, you might need to register a fictitious business name if you’re creating a S Corporation. It’s simple and affordable to register a DBA name in Virginia, and you may do it online or in person. Depending on the kind of job you intend to conduct, you could also require a contractor license and a company license. you make sure you are in compliance with all relevant laws and regulations, make sure you examine the requirements in your neighborhood.
You can fill out Form SS-4 by mail or apply online through the IRS website to obtain a tax ID number in Virginia. Along with your own personal information as the responsible party, you will need to supply details about your company, including its legal name, address, and type. Your tax identification number, commonly referred to as an Employer Identification Number (EIN), will be provided to you when your application has been reviewed and accepted.