A business needs a business certificate to create a bank account, get a license, and sign contracts with other firms. Additionally, it is necessary to apply for an IRS tax ID number. It is crucial to remember that a business certificate does not grant the name being used any legal protection or trademark rights.
Yes, a company may use the suffix “Co.” in its name. The word “Company” is represented by this acronym, which is frequently used in company names to denote that the company is a corporation.
Customers may become confused if two firms share the same name, and it may also be illegal under trademark regulations. Businesses should thoroughly research the names of other companies before selecting their own to prevent this. In the event of a dispute, the first company to register its name with the county clerk’s office will be able to use it legally in that county.
Are dba names safeguarded taking this into account? No, a DBA name does not grant the name being used any legal protection or trademark rights. A company must submit a trademark application to the US Patent and Trademark Office in order to receive trademark protection.
A silent partner is indeed possible for a solo proprietor. A passive investor who contributes money to the company but does not actively participate in its management or operation is known as a silent partner. Silent partners are not personally liable for any of the company’s debts or obligations; instead, their liability is restricted to the amount they invested in the company.
You are not required to pay yourself a salary or wages if you are a sole proprietor. You may, however, withdraw funds for personal use from the company. To ensure compliance with tax rules and regulations, it is advised that you speak with a tax expert to figure out the best way to withdraw money from your company.