How To Get A Dba Job – An employer identification number, or EIN, is a nine-digit number that identifies your business for federal tax purposes. Find out what you need if you have a DBA.
Not every business with a DBA needs an Employees Insurance Number or EIN, but businesses with employees, multi-member LLCs and corporations do need one. To break it down further:
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If Joseph Jones, a sole proprietor DBA, uses “Joe’s Taco Truck,” he can register his business with a Social Security Number (SSN). But if Joseph expands into a multi-person business, he will need an EIN to operate under. His DBA. Generally, you need an EIN for a DBA:
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Read on to learn if you need an EIN and whether you should get one for an official business name, DBA, or both.
Businesses are not required to operate under a DBA. Think of a DBA the same way you would think of a person’s nickname. Someone named Joseph Jones may be called “Joey,” or “JJ,” but he only has a Social Security card that lists his legal name. A business can operate under different names but use one EIN.
Most businesses must apply for and receive a federal tax ID under a formal name. This formal or legal name depends on the company structure:
After the business is registered with a Tax ID, the owner can choose to operate under one or more DBAs. Whether you pay taxes by SSN or EIN, DBAs are nicknames for your business, and therefore, you do not have a separate tax ID for the DBA.
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DBAs allow owners to open bank accounts and credit cards under a preferred business name. They improve visibility by helping businesses present themselves more professionally. Ultimately, DBAs create a brand identity that is recognizable to marketers, customers, and competitors.
At the same time, DBAs do not offer financial or tax benefits. The monetary benefits of an EIN apply whether the business is conducted under a DBA or not.
Choosing one or more names for your business is very simple. But once you settle on a DBA, you need to formally register it. These steps include:
If your business is a corporation or partnership, whether under a DBA or not, the IRS requires you to have an EIN. Although LLCs do not have their own tax classification, LLCs require an EIN depending on how they are taxed. For example, sole proprietors and single-member LLCs with no employees or excise tax liability do not need to obtain an EIN.
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You can decide whether you need an EIN based on the structure of your company. Sole proprietorships that do not file payroll taxes can file with a Social Security number. If you hire employees, pay payroll taxes, and file as an S-Corp or C-corp, you’ll need an EIN.
Aside from taxes, many business owners find that they need an EIN to open a bank account, get a credit card, obtain business licenses, or pay state or local taxes. And others choose to obtain an EIN to avoid using their personal Social Security numbers for business purposes.
After the IRS issues your EIN, open a business bank account and apply for any credit cards you need. Taking out this financial base allows you to focus on expanding your company. When tax season comes around, you should also meet with a tax advisor who explains EIN deductions and benefits.
This part of the site is for informational purposes only. The content is not legal advice. Statements and opinions are those of the author, not , and have not been evaluated for accuracy, completeness or changes in law. DBA is an acronym for “doing business”. DBA is a way of giving. Your business, or a part of your business, has a name different from its registered name. Although it doesn’t provide the protections that other legal business entities do, a unique DBA name can help brand your company.
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Think of a DBA name as an alias your company uses to promote an image or product that doesn’t align with your official title. Basically, getting a DBA is like Clark Kent doing his hero job under the name of Superman.
Depending on the state in which you do business, DBAs may be called fictitious names, business names, or assumed names. These terms are often used interchangeably but mean the same thing.
It is cheap and easy to register a DBA. However, while it offers multiple benefits, it is important to understand that it is not a formal business structure and does not offer any liability protection. Getting a DBA gives your name official status, but it doesn’t protect you or your assets from lawsuits.
A business doesn’t always need a DBA, but it can be a useful tool. If you plan to do business using a name other than your personal name or the official name of your business entity, you must register for a DBA name. A DBA offers increased credibility for your business, privacy when you don’t want to use your personal name, and an effective way to market your business in a different direction.
What Is A Dba & When To File One For Your Business
There are several reasons why hiring a DBA may be a good fit for your business. Here are some advantages:
1. Rebranding. If you want to rebrand your registered business (ie, LLC or corporation) and branch out into new products or services, a DBA allows you to follow a different direction than your official business name suggests.
2. Confidentiality. Since unregistered businesses such as sole proprietorships and partnerships use a personal name, you can use a DBA to create and operate under a name that is more about your business and less about you.
3. Choices. Companies wishing to use a name for their product or service that is already taken in their state have options to create a different and new name.
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DBAs give fictitious names to business entities. Sometimes, this is to protect your identity as a business owner if you have a sole proprietorship or partnership that carries your legal name. For example, Timothy Johnson might do business as “Johnson Interiors” for his interior design consulting business.
Other times, LLC owners may want to differentiate their products or service offerings. If Timothy Johnson forms Johnson Interiors, LLC for his interior design business but later decides he wants to make and sell his own furniture, Johnson Interiors may choose to do business as Johnson Custom Furniture instead of establishing a completely separate LLC. This way, Johnson will be able to expand its collection of services and keep them all under one business unit.
A DBA is a convenient way to create fictitious business names in multiple geographic locations, but it doesn’t always prevent others from using the same business name. To create that protection, you must trademark your business name.
While a DBA is a quick and easy way to set up, build, and sell your business, it doesn’t protect your personal assets in the event of a lawsuit against your business. If a person files a lawsuit against your sole proprietorship, your personal assets are fair game.
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Business owners who want to limit their legal liability may want to consider using an LLC or corporation instead of a sole proprietorship. The LLC is its own legal entity and protects individual personal accounts from being considered company assets. Cars, homes and checking accounts for personal use are protected from lawsuits filed against the LLC.
Before you choose a DBA name, it’s a good idea to double check that the name isn’t already being used at the state or local level. This is not a difficult step and can save future headaches. For example, if you decide on a good name for marketing purposes but it’s already in use, you probably don’t want to use a similar name as a competitor. By registering your unique name, you confirm that you are the only person authorized to use that name in the state.
Registering a company or company name is different from registering a trademark. By registering your company name as a trademark, you ensure that no one else can use the company name or logo in any state. Taking this extra step can ensure that your company name is unique so that customers find your company instead of a competitor.
Remember, DBAs offer little legal protection. This is a good way to have the right to use a name, but it usually doesn’t give you special protection. Using DBAs and trademarks together provides better marketing and legal protection.
Do I Need An Ein For A Dba?
Setting up a DBA is relatively easy. Here are some general steps you should follow, but there may be state-specific requirements that you can find on the respective Secretary of State’s website.
These common questions can help you assess some of the basics as you consider hiring a DBA for your business.
Whether or not you need to have a DBA depends on where you do business. Most states require registration and some do not. Check with your state and local government to determine if you are required to register. You can often find this information on the Secretary of State’s website. This is good information to know. If your state requires a DBA and you fail to register, you may face
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