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LLC or DBA Which is better?
 

I live in CA. I currently have no accounts and would like to have at least 5 solid accounts. I was reading the ebook and it suggested getting a DBA then as I read it said I will need a LLC. I'm trying to figure which is better. Any suggestions?

A DBA is simpler to set up. Also, is very simple for taxes, you just report your profits as income. An LLC is more involved, it has it's own tax return, and there are tax consequences. You would have to see a tax professional to determine if the LLC is right for you or not.

You don't NEED an LLC to use stealth. But your bank must accept your DBA certificate to open a business checking account. Some banks don't. But in my experience, most WILL. Bank of America does, and so do Harris Bank, WoodForest and Charter One.

To go the DBA route, all you do is contact the Recorder's office in your county. They can tell you what you need to do to file. Usually, it is a 1 page form, very easy to fill out and costs very little. Then, they give you an Assumed Name Certificate. That is what you will need to fax to your bank.

Cool! My girlfriend printed out the form for the DBA for me so I will fill it out. When I create the DBA name can I use a name like Fredrick Johnson and use that for the first and last name login information?


Thanks for the reply!!

You don't NEED an LLC to use stealth:
if you use an LLC it offers an extra layer of protection with the dreaded SSN requirements on a correctly created LLC paypal account.
On that alone it has merit :spy:

A PayPal account with an LLC attached, often requires a guarantor with a social. It is an extra layer, but it's not a 100% way around the ssn requirement. It's also time consumung, expensive.... and even then, paypal may not approve the business.

However, I do recommend the LLC route. Getting other things is much easier.. .such as getting a merchant account, websites, business banking... lots of things are better this way. And from a business perspective, your own personal assets are protected in the event of any serious issues.

Hey First Edition check your pm I sent you a message.