Maintaining your financial organization and being able to precisely manage your income and expenses depend on having a separate bank account for your DBA. Additionally, it aids with safeguarding your private assets from any potential business-related legal or financial problems.
You might be wondering how to pay yourself if you’ve established an LLC (Limited Liability Company). You can make payments to yourself in a variety of ways if you own an LLC since you are regarded as a “member” of the business. As a firm employee, you have the option of receiving a salary, profit distributions, or a mix of the two.
It’s vital to remember that if you own an LLC, you will be responsible for paying self-employment taxes on all business income. To make sure you are deducting and paying the correct taxes, you might also need to set up a payroll system. To be sure you are adhering to all applicable rules, it is advised that you speak with a tax expert. Protecting the name of your company Make sure that the business name you select for your DBA or LLC has not previously been registered by another company. To check if your name is available, use the United States Patent and Trademark Office (USPTO) website.
Connecticut sole proprietorship registration
You are not obliged to register your business with the state of Connecticut if you run a sole proprietorship there. Nevertheless, depending on the kind of business you’re running, you might need to acquire specific licenses and permits. To make sure you are adhering to all relevant laws, it is advised that you verify with your local government.
Articles of Amendment must be submitted to the Connecticut Secretary of State’s office if you need to change the name of your LLC. Additionally, you will need to change the name on your business accounts with the IRS, your bank, and any other organizations.
In order to keep personal and corporate finances distinct, a DBA should have a separate bank account. LLC owners can pay themselves a salary or get dividends, but they should speak with a tax expert to be sure they are adhering to the rules. Depending on the nature of your firm, you might also need to register with the state and protect your business name. In order to rename an LLC in Connecticut, you must file Articles of Amendment and update your accounts.
You must first draft a document containing your company’s name, its mission, the name and address of the registered agent, and the amount of shares it is permitted to issue in order to submit articles of formation in Connecticut. The Connecticut Secretary of State can then receive this document together with the required filing fee. On the website of the Connecticut Secretary of State, you can discover further details as well as the required forms.