Business Name and Structure
- Business Name: Your name is what you’ll call your company on all official documentation and licenses.
- Business Structure: Your structure refers to the type of leadership and ownership your business will operate under.
- Business Registration: Your registration is a credential with state authorities that allows your business to operate legally.
Understanding Business Contracts
Many business contracts include sections dealing with what happens if there is a change in the business. The “and Co” in a business name indicates that, in addition to the named partner, there are other partners in the business whose names are not listed.
Limited Companies in the UK
In the United Kingdom, an LTD is assumed to be privately held. One of the benefits of forming an LTD is that if a business incorporates as an LTD, other businesses or establishments assume that is a more reliable company.
DBA (Doing Business As)
What is a DBA in business example?
- Definition: A DBA is a registered name a business operates under, not its legal name.
- Benefits: DBAs offer branding and privacy benefits, letting companies create distinct identities.
- Usage: Businesses use DBAs instead of their legal names for branding and marketing.
Assumed Name and Trade Names
An assumed name is also referred to as your business’s trade or fictitious name. Originally ‘meaningless’ company names become brands when meaning is attached to their names.
LLC and Corporation Distinctions
Being an LLC means you’ll need to draw a firm line between your business life and your personal one. Mingling business and personal finances could cause you to lose your liability protection in a dispute.
Understanding "N/A" Grades
Understanding what “N/A” means in your grades helps you track your progress more effectively and take appropriate steps to improve or address any issues if needed.
Significance of Signatures
Always sign business documents as an officer or member of the business. Include the letters "LLC" after your business name on correspondence, invoices, business cards, and other documents.