Understanding Fictitious Name: Meaning, Registration, and Legal Obligations

What does a fictitious name mean?
In the case of a business owned by an individual, a “”fictitious business name”” is any name that does not include the last name (surname) of the owner, or which implies additional owners (such as “”Company””, “”and Company””, “”and Sons””, “”Associates””, etc.).
Read more on finance.saccounty.net

A fictitious name, commonly referred to as an assumed name or a “doing business as” (DBA) name, is a moniker that a person or company adopts in place of their legal name. Companies, partnerships, and sole proprietors who desire to operate under a different name than the one they registered with the state frequently use it. As long as a company or person complies with certain registration and disclosure requirements, using a fake name is allowed.

The company or person must submit a registration form to the State Corporation Commission along with a $10 registration fee in order to register a fictitious name in Virginia. The registration must be renewed before it expires because it is only good for five years. Penalties and legal repercussions may occur from failing to renew the registration.

It’s crucial to understand that trademark protection does not apply when a fictitious name is registered. Only through a separate trademark registration procedure with the United States Patent and Trademark Office (USPTO) can one get trademark protection. Therefore, in addition to registering their fictitious name, everyone who wishes to protect their brand should think about getting a trademark.

Although it is not required in Virginia, anyone who wants to use a name other than their legal name must register a fake name in order to do so. Legal repercussions, such as fines and penalties, may occur if a false name is not registered.

Businesses in Virginia can also need to get a business license in addition to registering a fictitious name. Depending on the region and kind of business, different business licenses have different prices. A business license in Virginia can cost anywhere from $30 and $200. It is necessary to verify with the local government to guarantee compliance with all regulations as some Virginian cities and counties can additionally need additional permits and licenses.

Finally, a business may require a sales tax authorization if it conducts online sales of goods or services in Virginia. Businesses must apply for a sales tax permit with the Virginia Department of Taxation if they wish to sell taxable goods or services within the state. Penalties and legal repercussions may occur from failing to obtain a sales tax permit.

In conclusion, using a fictitious name is a legitimate way for companies or people to conduct business under a name other than their legal name. To prevent legal repercussions, it’s crucial to adhere to the registration and disclosure requirements. In order to operate lawfully in Virginia, businesses may also need to have a business license and a sales tax permit.

FAQ
You can also ask can i use my old llc for a new business?

The details of your situation must be considered. You might be able to use your previous LLC if it is still operational and in good standing with the state for a new business endeavor. However, you might need to establish a new LLC for your new business if the previous LLC has been dissolved or is no longer in good standing. When beginning a new business, it is best to seek legal advice to make sure you are adhering to all regulations and obligations.

Leave a Comment