DBAs (short for ‘Doing Business As’) and trade names allow a company or sole proprietor to operate their business under a different name.
What is this?
DBAs and trade names are most commonly used for sole proprietors, allowing an individual to operate their business under a business name, rather than their personal name. The same reason that a sole proprietor would want to do this is why a business might want to do this. A DBA allows a business to operate under a different name or form different brands or products, each with unique names, that operate under the same parent company.
The Good and the Bad:
- Filing a DBA for a sole proprietor does not allow for any tax or business benefits, asset, or liability protection
- DBAs are not always trademarked, meaning other people or businesses can operate under the same name
- You can take payments in the name of all your products or companies with one bank account if they are all operating with DBAs for the same company
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Take a look at these actual client stories to see how much of a difference an Anderson plan can make.
We set up a Nevada LLC for a client with significant savings. She was sued 3 years later for an environmental claim stemming from property she owned over 30 years before. Plaintiff wanted over $2 million in damages for the cleanup. After we disclosed that her assets were protected by a Nevada LLC and a HELOC on her residence Plaintiff accepted less than $100k in a settlement.
A bank wanted to pursue one of our clients for a deficiency judgement ($5.5 million) for commercial real estate he lost in foreclosure. Once the bank found out how we protected all of our clients remaining assets with LLCs and a Nevada holding LLC the bank’s attorney stated “we decline to seek a deficiency judgment given the complicated structure you have weaved for yourself”.
Our client purchased property in a LLC and it was later discovered the soil beneath the property was contaminated. The state sued the LLC to clean up the land. Client walked away from the property without any personal liability. Without the LLC he would have been on the hook for over $1 million.