Ok, so I’m looking to change my notary business name to something other than my name. An LLC keeps anyone else in my state from using the name I choose & protects me from any lose. My question is do I put the LLC in the name I’m commissioned & insured under & then DBA the other names? But then I wouldn’t be securing my new name at all. Oh my??? I know your not attorneys but maybesomeone has done this?
Do you see a competitive advantage to adopting a [LLC] name or any name other than your own? I did when I first got started and I have found that I’m better known by my given name and reputation. For my HNW clients, my business card says “Signature Exclusive” and I market myself that way and it sets me apart from the notaries who are not as skilled as I am in serving that market segment. (It’s NOT as easy as it might seem).
Of course, it’s entirely your call if you want to change your name, but it’s kinda a hassle and has some modest costs involved. I’m not sure you get the bang for the buck, as it were. Just my thoughts. I do encourage you to do what you think best for your business. Cheerio!
You can form the LLC under the new business name.
You will also want to obtain a FEIN (federal tax number).
Your State commission and Bond stay in your personal name.
Have your E&O insurance provider change the policy to your new business name and add your personal name as an additional insured.
You will use the Business name and FEIN going forward, instead of your social security number for all your business relationships.
You should set up a new checking and credit card account for the Business using the FEIN.
All deposits should be directed to that account. Keep all income and expenses flowing through it and NOT your personal account. Your accountant will thank you later. If you need money, you can take a draw from the account to your personal account.
Remember- you are taking a step to have a business structure and needs to be treated with diligence from the get go or you will have pains later.
Right now you get paid and it’s all personal income with a 1099, which is easy enough to claim on a tax return . Once you switch to a business entity with a FEIN, business that pay you are not going to issue 1099 forms. (They are only for individuals receiving more than $600) You will have to track your income. Its not hard at all when everything flows through the business bank account.
Hope this helps with your decision. It’s not as hard as it sounds. I do recommend having a good accountant. It’s worth the money. Good Luck
Very smart advice!
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