With business bookkeeping and basic tax tips for new and old entrepenuers

Thursday, October 30, 2008

What else do I need to get my books started?

Business School 101 - Lesson 1 cont.

From: Alamo Bookkeeping Associates

Alright, so when you go to the bank, they are going to ask you if you will be doing the business in your own name, or if you have a "DBA" (Does Business As). A DBA, also called an assumed name, is simply a name you have chosen for your business, that you use in place of your name. For instance, Your name is Jackie Jones, but you want your business to be called, "Jackie's World", or "Juicy Juices", or any other name you want. The business name does not have to have your name in it. And you don't have to be a corporation to use a business name (more on incorporating later).

So how do you get an assumed name? Well the best way to do it is to go to your county courthouse. They will have an office for assumed name filings. Many times this office is part of another office, such as for marriage licenses or something else. You fill out a form and let them know the name or names you want to use. You may need to pick out more than one name in case someone else beat you to the name, so have an alternate business name ready. The clerk will tell you if the name you picked is already taken or not. However it only tells you for the county, not state or nationally so you may want to check the phonebook or Internet to see if someone else is using that name extensively. You can also go to the web site for your Secretary of State and apply there, however it may take longer.

An assumed name certificate is good for ten years in Texas, this may be different in other states. There will be a nominal fee, probably not more that $20.00, depending on where you live. The clerk will ask you if you need an "official" certificate, say yes, as you will need that for the bank.

This is what you take to the bank when you open your business account. You are now an "official" business.

Next: Ok, now I have a business account and name, now what?

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