If you’re a business owner, separating your business assets and personal assets can often be advantageous.
By forming a Limited Liability Company (LLC) or corporation, you can protect your legal and financial interests.
- Safeguard personal assets
- Pay less in taxes
- Gain credibility for your business
A DBA name is an official business name.
A good example is if Jane Smith wanted to start "Jane's Tax Services." She would need to file for a DBA. Then, she could operate under the business name instead of her own name, establishing a level of separation.
Filing a DBA also means a bank account can be created under the business name (requirements vary).
- Added professionalism, legitimacy
- Ability to open business accounts
- Accept payments as your business
- Separates ventures
An Employer Identification Number (EIN), or Federal Tax ID, is a unique number used to identify a business entity. The Internal Revenue Service assigns the number, allowing you to file business income tax returns.
- Needed to open a business account
- Allows your business to hire employees
- Helps build a business’s credit profile
An Operating Agreement lays the foundation of any LLC by establishing the rights and duties of an LLC’s members. No matter how you configure your business, it’s a valuable undertaking.
- Clearly defines your business
- Outlines roles and responsibilities
- Helps protect your personal assets
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