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What is Assumed Name?

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Category : > DBA / Assumed Name
Posted On : Fri Aug 28th,2009

Assumed name for a sole proprietorship: An assumed name is an entity type like a limited liability company or a corporation. We will describe below that how it is formed and taxed?

Definition of an Assumed Name which is also known a DBA or a Fictitious Name?

An assumed name is deemed the simplest form to transact business and it is filed with a county clerk's office or the secretary of state that varies on each state statue of business formation. An assumed name does not maintain operating agreements and bylaws like an LLC or a corporation.

Renewal of an Assumed Name:

An assumed name does not file an annual or biennial report to maintain it, rather it renews every after five or ten years that must be confirmed with the state or county, where it was originally registered.

How to file taxes for an Assumed Name?

A form 1040 is filed along with the required schedules such as schedule C or Schedule E. The schedule is selected based on an active, passive or a kind of income. Few examples are described below;

  1. Schedule C is filed for a trading or service income.
  2. Schedule E is filed for the real estate income.
  3. Schedule F is filed for the farming income.

Who creates an Assumed Name?

An assumed is generally established for a small business such as a salon or grocery store. The assumed name does not provide a protection to the personal assets and the social security number is used for any financial activity such as to open a bank account or applying for a loan.

How to open a bank account for an assumed name?

A business certificate is provided to open a bank account along with the social security number instead an EIN which is recommended for the corporations and limited liability companies.

Can A Non US Resident create an Assumed Name?

No, it is not allowed for the Non US Residents. A business owner can only serve as a registered agent for an assumed name who must be physically present in the USA.



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Comments (14)
Peterson   wrote on : Tue May 04th,2010
I have a really tiny crafting business that I run a shop on-line through I have made minimal dollars, but have a few questions and would appreciate any feedback. a. Do I need to register the name of my shop?      View Detail
Reply :
If you are advertising your business and using other than your personal name then you are required to register your business otherwise not.

Celion   wrote on : Tue May 04th,2010
What is the procedure to set up a d.b.a. (doing business as) in new york state?      View Detail
Reply :

How To Secure A DBA In New York?

There are two different  ways to secure doing business as in the state of New York.

  1. A sole proprietorship is registered with the county and in most counties the application is notarized by a business owner. A word company, group, or plural prevents to file a sole proprietorship in New York. A copy of the driver's license is sent along with the dba application to the address verification. The birth name is not allowed to register as a DBA. A Non US resident without a physical presence cannot register a dba in New York.
  2. DBA for an entity in New York  such as a corporation or a limited liability company is filed by the division of corporation.

A DBA in New York does not renew and files the same day by the county and the state.

Michael Courtney   wrote on : Thu May 20th,2010
I need to get a business license and register the name. How much will I need to pay, What do I need to do and how long will it take?      View Detail
Reply :
Dear  Michael Courtney:

Thanks for choosing for your business needs. As far as the cost and licenses are concerned to register your business then it depends on the structure of the business you are choosing, state  and the function of  your business. We would suggest you to please give us a call at 516.822.3100 for free consultation or let's have your number to call you.

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