Name of business and loop holes of having one?

dereksbicycles

dereksbicycles

Active Member
Joined
Apr 11, 2011
Messages
6,497
Reaction score
26
See, one of my girlfriend's friends is going to England later this year for a missionary work. I would like to help somehow with fund raising. See, I talked to her about maybe having her advertise my business and in turn, I would donate to support her trip. She needs a business name of mine so that she can advertise it.

I would like to help many different non-profit organizations, not just this one.

I really want to know what is involved in having a business name. I don't think legally, I can decide----"Derek's Bikes". I need to have a real name and go through loop holes. Not too worry about name. I really want to know what loop holes I have to go through to have a business name.
 
Yes, you can name your business, "Derek's Bikes" if you want. You just register and pay a fee with your city and maybe do a couple other things related with that like promulgate your business by having an ad (typical) in your local newspaper for three days, for example......best wishes....
 
dereksbicycles said:
See, one of my girlfriend's friends is going to England later this year for a missionary work. I would like to help somehow with fund raising. See, I talked to her about maybe having her advertise my business and in turn, I would donate to support her trip. She needs a business name of mine so that she can advertise it.

I would like to help many different non-profit organizations, not just this one.

I really want to know what is involved in having a business name. I don't think legally, I can decide----"Derek's Bikes". I need to have a real name and go through loop holes. Not too worry about name. I really want to know what loop holes I have to go through to have a business name.
Click to expand...

simple - register for EIN at Employer ID Numbers (EINs) and that's it.
 
Wirelessly posted (Blackberry Bold )

I'd talk to an accountant or lawyer about setting up a business and business name. Also how donations etc would work within the scenario you're talking about.

BTW "loop holes" means ways of (technically) getting away with things that are legally questionable ... I certainly wouldn't set up a business on the premise of "loop-holing the system" as your setting yourself up for tax audits etc.

You may find it's better tax wise to just donate personally to her charity/organization -and claim it on your own taxes instead of creating a business to do basically the same thing.
 
Set up a company and name it whatever you want (e.g., Derek's Bikes), then file a "doing business as" (DBA) if you use any name other than your company's (e.g., Derek's Cars).

Since you're new to this, I'd suggest that you talk to an accountant or lawyer, or maybe try LegalZoom.

Good luck.
 
Thank you for your feedbacks. One vocational service worker suggested that I talk to HR Block. Would you do that if you were me?

Also, usually it will cost money to meet with lawyer or/and accountant to merely talk about how about business can be set up, right?
 
dereksbicycles said:
Thank you for your feedbacks. One vocational service worker suggested that I talk to HR Block. Would you do that if you were me?
Click to expand...
Probably not.

Also, usually it will cost money to meet with lawyer or/and accountant to merely talk about how about business can be set up, right?
Click to expand...
Hubby (TCS) started his business without going thru an accountant. He used a lawyer to prepare the paper work and do the filings with the State Attorney General and such. We use a non-chain accountant to prepare our taxes once a year.

Before you consider talking to an attorney or anyone to whom you will have to pay out money, do some of the legwork yourself and you will save money, plus you will be more aware of what's required.

You need to develop a business plan (short-term and long-term goals) if you're serious about creating your business. There's online info on how to do it, and some colleges offer courses in business entrepreneurship. The best thing to do, if there is one in your area, is to get in touch with SCORE. It's a group of retired executives and other volunteers who will mentor and help you with starting a business. Their advice is free. They help you develop a business plan, explain to you the pros and cons of various kinds of financing, explain legalities to you, etc.

Info about SCORE: Free Small Business Advice | How-to Resources | Tools | Templates | SCORE
 
My business is my blog, and I do make some money from that. I also make some money with a couple of other online projects- that means I do a lot of reading and talking to other bloggers about the business side of things.

One thing I've read is that having a personal name like 'Derek's Bikes' is actually a great name- studies show that names associated with a person like that are far less likely to be sued. If you give yourself some impersonal name like 'tenth street Bikes,' or Bike Repairs, LTD, that gives people the impression that you're just an anonymous corporation, and they just respond differently to that.

And, do NOT take this as legal advice, but in on of my little ventures I share a bank account with three other moms, and that bank account is in my name (with another mom's name on it), "DBA FourMoms"

DBA stands for 'Doing Business As...' That was the banks information- I did not have to register the name, or doing anything- I just opened the account and told her what our business name is.

Previously, my daughter and I had a booth at a consignment shop- we sold antiques and collectables. Our booth had a name, our tags hd our business name on it, and we made business cards and set up ads in the store, and people knew our booth as The Homestead House. We didn't have to do anything legal to do this.

It's frustrating how much money the government and their buddies the lawyers wants to make you spend before you can set up a business
 
The reason Hubby had to send his papers to the State Attorney General was to ensure that there was no other business using the same name for the same kind of business within the state. It also protects him in case another person tries to start a business using the same name as he has for the same kind of work.

I work as an independent contractor, so I have no business name. It's just me.
 
I think you should follow the "Derek's Bikes" and focus on how you can advertise because what ever you put on the business you should always have an advertisement and also give a customer a good quality always to get a lot of customer satisfaction which lead in any business in success.
 
I thank you for all the helps. I did not realize that name like "Derek's Bikes" are less likely to get sued than "BIke Repairs, LTD". I think that a lot of people would prefer to do business with a small company than a large company so maybe I should go with a more personal name.
 
dereksbicycles said:
I thank you for all the helps. I did not realize that name like "Derek's Bikes" are less likely to get sued than "BIke Repairs, LTD". I think that a lot of people would prefer to do business with a small company than a large company so maybe I should go with a more personal name.
Click to expand...

lol this reminds me of "MikeRoweSoft.com" debacle.
 
dereksbicycles said:
I thank you for all the helps. I did not realize that name like "Derek's Bikes" are less likely to get sued than "BIke Repairs, LTD". I think that a lot of people would prefer to do business with a small company than a large company so maybe I should go with a more personal name.
Click to expand...
True. Many of Hubby's customers tell him that they prefer the locally owned small businesses over the large chain franchise businesses.

As far as suing, no matter how your company is organized or named, you should always carry liability insurance.

If your company is an LLC, only your company assets can be taken in a suit. If you're not an LLC, then a suit can also take your personal assets such as your savings account, house and car.
 
Back
Top