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| ALREADY HAVE AN LLC?
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| UPGRADE YOUR
EXISTING BUSINESS | | |
| Turn a Potential Liability into a Protected Business Asset | | |
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FREE
We will evaluate your existing Limited Liability Company Articles and Operating Agreement and let you know what you have and do not have. There is no obligation for this free service
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| All Businesses structures are not the same. Some offer greater advantages, such as tax breaks, deductible business expenses, travel and entertainment deductions, and important liability protection that separates personal assets from business assets | | |
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| MIKE ECHLES COMPANY | | ROYAL CROWN FINANCIAL INC. | | |
| ROYAL CROWN ENTERPRISES | | ROYAL CROWN FINANCIAL LLC | | |
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| SOLE PROPRIETOR
You run your business under your own personal name and checks are deposited into whatever account that bears your name | | |
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| CORPORATION
You run your business under a Corporation umbrella with checks deposited in a corporate account with the corporation responsible for business decisions and assets | | |
| DBA
You run your business under a publicized fictitious name and checks are deposited into a bank account bearing that fictitious name | | LIMITED LIABILITY COMPANY
You run your business under a State registered name as a Limited Liability Company (LLC) and checks are deposited into a company bank account | | |
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| BEWARE Do not accept LLC formation documents from anyone that are not completely typed. Beware of fill-in-the-blank documents. If you want your company to appear professional for audits and litigation, have all names, places, dates, etc., typed.
We provide a secretarial service that types in the complete information you provide us | | |
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| HOW IS YOUR BUSINESS SET UP? | | |
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| Kind of Company Entity: Are you a Sole Proprietor, Partnership or DBA (Doing Business As)? If so, you are missing out on numerous tax deductions for small businesses like Limited Liability Companies (LLC), and you are targeting yourself for lawsuits and costly litigation. Attorneys and Judges attack poorly organized entities with regularlty. The important thing to keep in mind is, that if you are a Sole Proprietor or DBA, you have absolutely no liability protection.
Personal Assets at Risk: This means that your personal assets, such as your home, car, bank accounts, savings, real property, investments, etc., are all at risk if your business is sued. This means that a poor business decision, a disgruntled customer, a disenfranchised client, or just about anyone, can file a law suit which requires you to defend yourself. If you lose that suit, you could lose all your personal assets.
Liability Protection: There are three general ways to protect and separate your personal assets from your business: 1) Limited Liability Company; 2) "S" Corporation (a Corporation choosing sub-chapter S for tax purposes; and 3) a Corporation.
Limited Liability Company (LLC): Usually, for the small business, home-based business, and mom-and-pop business, especially where no employees are involved, the Limited Liability makes more sense. It is a simple entity to form, easy to maintain and run, and requires minimal paperwork outside the running of your day-to-day business.
All LLCs are Not Created Equal: It is important to know what you are getting with the purchase or formation of a Limited Liability Company. For a more complete rundown on Limited Liability Companies, see: | | |
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| DO IT YOURSELF
It is possible for you to purchase a CD from an office supply store and complete your own Article Submission, it is generally not advised since registering the name of your LLC with the State does not generally involve creating all the necessary documents needed to run your business, such as an Operating Agreement, Minutes Book with Resolutions, etc. But it can be done for about
$50 to $100
OUR CD PROGRAM
If you want to do it yourself, our CDs offer you far more information and completeness than those on the market. Check out our CDs
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| More Information on Forming a Limited Liability Company
More Information on Incorporating Your Business
Frequently Asked Questions (FAQs) on a Limited Liability Company | | |
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| INFORMATION ON SOLE PROPRIETOR AND DBA COMPANIES | | |
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| What is the difference between a fictitious business name and a DBA?
There is no difference between a fictitious business name and a DBA. A fictitious business name is often referred to as a “DBA” (Doing Business As), an “assumed business name” or a “trade name.”
If I am operating a sole proprietorship under my personal name, do I need to file a DBA?
No. DBA filings are only required when you are operating a sole proprietorship under a name other than your personal legal name.
Can someone else use my business name if I have a DBA?
In most states, DBAs - unlike corporations or LLCs - do not guarantee exclusive use of a name. The state or county will file any correctly prepared DBA application, regardless of name conflict.
What are the publication requirements?
States and counties have different requirements regarding the need for DBA publication. Generally, when publication is required, the DBA statement must be published once a week in an approved newspaper, for a period of four consecutive weeks.
Can I conduct business and open a bank account before my DBA has been filed?
You should not be conducting business under your fictitious business name until you have filed the DBA statement. In addition, most banks will not allow you to open a bank account until they have seen proof of the filed DBA. When you are doing business under a company name, you need a company bank account to accept payments. Banks have restrictions about accepting or cashing company checks using your personal account. Every bank is different. Most banks have policies and requirements in regards to a DBA statement. If you experience a bank employee who will not accept your DBA statement, you may want to try a different branch or bank. Make sure to keep the original copy for your records in case you need it for the future or switch accounts.
How will I know if my business name is already being used?
Some states do require a name check before filing a DBA form. However, it is always wise to do a name check by looking at your State's webpage of the Secretary of State and follow the links to Name Availability. In this way you can be assure, at least at the time you search, that the name you want is unavailable. By checking all businesses with similar names, you may find a combination of words or names that suit your interest.
Do I have any protection against liability in my Sole Proprietorship or DBA?
None whatsoever. What ever personal assets you have in either case are at risk if you are sued. That is why you need a Limited Liability Company (LLC)
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FOR A SPECIAL OFFER
On a Tax Recording System that meets all IRS Requirements for an individual or small business
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